Agenda packet — Modesto City Council, September 22, 2026 (part 1 of 7)

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Amended: Item 23 Appellant Document Added

MODESTO CITY COUNCIL
City of Modesto Website (www.modestogov.com)
AGENDA
City of Modesto

CITY COUNCIL MEETING
Chambers, Basement Level
Tenth Street Place, 1010 10th Street
Modesto, California
Tuesday, September 22, 2026 at 5:30 PM
Roll Call - Councilmembers Alvarez, Bavaro, Escutia-Braaton, Ricci, Williams, Wright, Mayor Zwahlen

THIS MEETING WILL BE PHYSICALLY OPEN TO THE PUBLIC AND BY ZOOM

VIDEO CONFERENCING AND TELEPHONE
In conformance with SB 707, the City of Modesto is providing alternatives to view and participate in Council meetings as well as to provide public comments. If you wish to make either a general public comment or to comment on a specific agenda item, you may use one of the following options:

Submitting Comments by E-Mail
Written comments may be submitted via email by emailing the City Council Meeting email address ([email protected]) and include the Agenda Item Number in the subject line. All comments will be shared with the Councilmembers and placed in the record but will not be read aloud during the meeting. Written comments must be received two hours before the meeting.

Joining the City Council meeting via Zoom
The City of Modesto offers the ability to view and remotely participate in Council meetings via telephonic conferencing through “Zoom” video conferencing computer technology. The meeting may be accessed through Zoom using the following options:
• Enter the following link into an Internet Browser
Zoom Website (https://us02web.zoom.us/j/95895497651)
• Or enter the following Zoom Website (https://zoom.us) into an Internet Browser and using the Webinar ID: 958 9549 7651, and Passcode: 84326 - 1 -
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Joining the City Council meeting via Telephone
If you do not have a smartphone or computer to join the meeting via Zoom, you can participate by phone, by calling 1-877-853-5257 (Toll Free) or 1-888-475-4499 (Toll Free) and enter the Webinar ID: 958 9549 7651 Passcode: 84326
Providing Public Comment on Zoom and by Telephone
The Mayor will request public comment during the Public Comment periods on the meeting agendas and during each Public Hearing and Regular Calendar Item on the Council Agenda.

Once the Mayor has announced the public comment period, please do one of the following. • Computer or Smartphone App: Click “Raise Hand” in Zoom. Staff will unmute you when it is your turn. Confirm the unmute prompt to begin speaking. • Phone Only: Dial *9 to “Raise Hand.” Staff will unmute you when it is your turn.

If needed, dial *6 to toggle mute on/off. Once your public comment has ended, you will be muted again.
• If your phone is unmuted, and you are unable to be heard, the host may ask that you Dial *6 to toggle mute on/off in Zoom.

Additional Zoom Resources and Support
To participate in the Council meeting using Zoom, sign up for a free account or join as a guest through https://zoom.us/.

You may also observe a livestream of the meeting on the Agenda and Minutes web page. (https://media.modestogov.com), and the City of Modesto YouTube Channel (https://www.youtube.com/user/TheCityofModesto).

Technical Issues/Remote Participation
Per SB707, if a technical issue arises with Zoom or the phone dial-in option during the meeting, proceedings will pause for up to one hour while restoration efforts are made. If remote access to the meeting cannot be restored, the City Council may continue with the meeting upon making a finding by roll-call vote that good faith efforts have been made to restore remote access and that continuing the meeting outweighs the public interest in remote access. All disruptions and decisions will be documented in the official minutes.

Wordly Translation Service
“Wordly” can translate into 25+ different languages! To access written translation during the meeting, please scan the QR Code or click this link Join the live session on Wordly (https://attend.wordly.ai/join/RJDY-6364).
"Wordly" puede traducir a más de 25 idiomas diferentes! Para acceder a la traducción durante la reunión, por favor escanee el código QR o Únete a la sesión en vivo sobre Wordly (https://attend.wordly.ai/join/RJDY-6364).
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Closed Captioning/Live Written Translation
This meeting will be closed captioned via the Zoom platform. In person attendees will be able to see the caption at the bottom of the screens in the Council Chamber and City Hall. Zoom attendees with a Zoom version 5.0.2 or higher will be able to see the transcription at the bottom of their personal zoom screen.

Requests for Accommodations or Translation Services
In accordance with the requirements of Title II of the Americans with Disabilities Act (“ADA”) of 1990, the Fair Employment & Housing Act (“FEHA”), the Rehabilitation Act of 1973 (as amended), Government Code section 11135 and other applicable codes, the City of Modesto (“City”) will not discriminate against individuals on the basis of disability in the City’s services, programs, or activities. For more information, please visit the City of Modesto's ADA web page (https://www.modestogov.com/865/Americans-with-Disabilities-Act-ADA) If you need special assistance to participate in this meeting and/or interpreter services, please contact the City Clerk 209-577-5396, [email protected]. Notification 48 hours prior to the meeting will enable the City to make reasonable arrangements to ensure accessibility to this meeting.

Notice
This Agenda is on file in the City Clerk’s Office, Sixth Floor, 10th Street Place, Posting Board at entry of 10th Street Place, and is available on the City's Website (https://www.modestogov.com/).

Materials related to an item on this Agenda submitted to the Council after distribution of the agenda packet are available for public inspection in the Clerk’s office during normal business hours. Such documents are also available online, subject to staff’s ability to post the documents before the meeting on the Agendas and Meetings page. (https://www.modestogov.com/councilmeetings) Pledge of Allegiance to the Flag
Invocation
City Clerk’s Announcements
Declaration of Conflicts of Interest
Reports from Closed Session

ACKNOWLEDGEMENTS AND PRESENTATIONS

1. Proclamation declaring October 2026 as National Domestic Violence Awareness Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

2. Proclamation declaring October 4-10, 2026 as National Fire Prevention Week. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] - 3 -
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3. Proclamation declaring Storm Water Awareness Week and Imagine a Day without Water. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

4. Proclamation declaring September 26, 2026 as History of Lowrider Day. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

5. Proclamation declaring October 1st-10th as Modesto Perinatal Mental Health Week. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

PUBLIC COMMENT PERIOD
Three-minute time limit per speaker.

Only interested persons in the audience may present these matters. Under State law, Councilmembers may respond to matters being presented under this item only as follows:
a. Briefly respond to statements made or questions raised. b. Ask a question for clarification.
c. Provide a reference to staff or other resources for factual information. d. Request staff to report back at a subsequent meeting. e. Finally, a Councilmember or the Council itself may take action to direct staff to place a matter of business on a future agenda.

CONSENT ITEMS – ROLL CALL VOTE REQUIRED
Information concerning the consent items listed below has been forwarded to each Councilmember prior to this meeting for study. Unless some member of the audience or Councilmember has a question concerning an item and asks that it be withdrawn from the consent list, the Council approves the items at one time. The action taken by the Council in approving consent items is set forth in the explanation of this individual item.

CONSENT
An item may be removed from consent and discussed at the request of an audience member or Council member.

Consent

6. Consider approving the Minutes for the September 1, 2026 Council Meeting. (Funding Source: Not Applicable)
Staff Recommendation:
• Motion approving the Minutes for the September 1, 2026 Council Meeting.

CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] - 4 -
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Consent

7. Consider approving the recommended budget adjustments to Fiscal Year 2025-26 and Fiscal Year 2026-27 Annual Operating and Capital Improvement Program Budgets; Amending the Fiscal Year 2026-27 Position Allocation; and Amending the Fiscal Year 2026-27 Classification Plan. (Funding Source: Various Funds) Staff Recommendation:
• Resolution amending Fiscal Year 2025-26 and Fiscal Year 2026-27 Annual Operating and Capital Improvement Program Budgets and authorizing the City Manager, to take the necessary steps to implement the provisions of this Resolution.
• Resolution amending the Position Allocation for Fiscal Year 2026-27 as adopted in the operating budget.
• Resolution amending the Position Classification Plan for the City of Modesto to create new classifications and amend existing classifications.

BUDGET; Kaceey Culbertson, 209-571-5855, [email protected] Consent

8. Consider approving an Agreement with The Salvation Army to provide operating support for the Emergency Shelter operations in an amount not to exceed $591,000. (Funding Source: Permanent Local Housing Allocation, Cannabis Community Benefits Fund)
Staff Recommendation:
• Resolution approving an Agreement with The Salvation Army to provide operating support for the Emergency Shelter in an amount not to exceed $591,000, and authorizing the City Manager, or his designee, to execute the Agreement.
• Resolution amending the Fiscal Year 2026-2027 annual operating and noncapital project fund budgets to establish a project for The Salvation Army Permanent Local Housing Allocation (PLHA) funding in the amount of $491,000 and budgeting the applicable revenue, expenditures, and transfers. • Resolution amending the Fiscal Year 2026-2027 multi-year fund budget to establish applicable revenue, expense and transfer budgets for the community benefit payment to The Salvation Army to be funded with cannabis community benefit funds in the amount of $100,000 and authorizing the City Manager or his designee, to take the necessary steps to implement the provisions of this Resolution.

CED; Edgar Garcia, 209-577-5211, [email protected] Consent

9. Consider approving the Final Maps and Subdivision Improvement Agreements (SIA), with SB Builders LLC, a California Limited Liability Company, for the Martin Tivoli Phase 1 and Phase 2 Subdivision, encompassing approximately 19.94 acres located roughly 300 feet south of Merle Avenue, east of Oakdale Road identified as APN 083 004 057. (Funding Source: Developer Fees)
Staff Recommendation:
• Resolution approving the Final Maps for Martin Tivoli Phase 1 and 2, - 5 -
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approving the Subdivision Improvement Agreements and authorizing the City Manager, or his designee, to execute the Subdivision Improvement Agreements with SB Builders LLC, a California Limited Liability Company and authorizing the City Clerk to certify the Final Maps and record with the Stanislaus County Recorder’s Office.

ENGINEERING SERVICES; Jaspreet Mangat, 209-577-5253,
[email protected]
Consent

10. Consider accepting the 2024 Sport Court Lighting Project as complete, releasing securities, releasing payments totaling $106,415 to Flouresco Services, LLC. of Phoenix, AZ, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Measure H)
Staff Recommendation:
• Resolution accepting 2024 Sport Court Lighting Project as complete, releasing securities, releasing payments totaling $106,415 to Flouresco Services, LLC. of Phoenix, AZ, and authorizing the City Clerk to file a Notice of Completion.

ENGINEERING SERVICES; Peter Kambel, 209-577-5444, [email protected] Consent

11. Consider delegating the responsibility for investment transactions to the Director of Finance and accepting the Annual Investment Report for Fiscal Year 2025-2026. (Funding Source: Various Funds)
Staff Recommendation:
• Resolution delegating the responsibility for investment transactions to the Director of Finance and accepting the Annual Investment Report for Fiscal Year 2025-2026.

FINANCE DEPARTMENT; Calogero Maniscalco, 209-577-5219,
[email protected],
Consent

12. Consider approving an Ordinance repealing and replacing Articles 1, 2, 10, 11, 12, 17 and 20 of Chapter 2 “Vehicle and Traffic Regulations” of Title 3 “Public Safety” of the Modesto Municipal Code related to the management and enforcement of parking. (Funding Source: Not Applicable)
Staff Recommendation:
• Motion introducing and waiving the first reading of an Ordinance repealing and replacing Articles 1, 2, 10, 11, 12, 17 and 20 of Chapter 2 “Vehicle and Traffic Regulations” of Title 3 “Public Safety” of the Modesto Municipal Code related to the management and enforcement of parking.

FINANCE DEPARTMENT; Jeni Martin, 209-571-5892, [email protected] Consent

13. Consider accepting an Informational Report on the May and June 2026 Grant applications and awards. (Funding Source: Not Applicable) Staff Recommendation:
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• Motion accepting an Informational Report for May and June 2026, Grant applications and awards.

FINANCE DEPARTMENT; Maria Garnica, 209-577-5249,
[email protected]
Consent

14. Consider accepting an Informational Report for the July 2026 Accounts Payable Payment Register and Void Report. (Funding Source: Not Applicable) Staff Recommendation:
• Motion accepting an Informational Report for the July 2026 Accounts Payable Payment Register and Void Report.

FINANCE DEPARTMENT; Maria Garnica, 209-577-5249,
[email protected],
Consent

15. Consider approving a report on Fiscal Year 2025-2026 unclaimed funds of $46,085 that can be transferred to the General Fund. (Funding Source: General Fund) Staff Recommendation:
• Resolution approving the Fiscal Year 2025-2026 unclaimed funds of $46,085 that can be transferred to the General Fund.

FINANCE DEPARTMENT; Vanessa Ferrel, 209-571-5174, [email protected] Consent

16. Consider approving the Fiscal Year 2025-26 Write-off and Adjustments reports through Fiscal Year-end June 30, 2026, in the total amount of $448,861. (Funding Source: Various Funds)
Staff Recommendation:
• Resolution approving the 2025-2026 Accounts Receivable Write-Off and Adjustments reports through Fiscal Year-end June 30, 2026, in the total amount of $448,861 and directing a report of disposition to be filed with the City Clerk.

FINANCE DEPARTMENT; Vanessa Ferrel, 209-571-5174, [email protected] Consent

17. Consider approving a First Amendment to the Agreement with Brewer & Associates LLC, Lexington, KY, for the purchase of Jackets, Hoodies, and Beanies increasing the Agreement amount by $54,350 through the duration of the Agreement. (Funding Source: Central Stores)
Staff Recommendation:
• Resolution approving a First Amendment to the Agreement with Brewer & Associates, LLC, Lexington, KY for the purchase of Jackets, Hoodies, and Beanies, by $54,350, to a new estimated annual amount of $77,175, a new total amount not to exceed $154,350 through the term of the Agreement; and authorizing the Director of Finance, or her designee, to execute the Amendment.

FINANCE DEPARTMENT; Dianne Love, 209-571-5174, [email protected] - 7 -
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Consent

18. Consider approving the purchase for 18 Fleet Replacements for a total amount not to exceed $1,757,131. (Funding Source: Fleet Replacement Fund) Staff Recommendation:
• Resolution approving the Competitive Bidding Process from Sourcewell to Rush Medium-Duty Truck Centers of California, Inc. dba Rush Truck Center, Ceres, CA, to purchase ten (10) Ford F350 Trucks for an amount not to exceed $1,162,824; and authorizing the Director of Finance, or her designee, to issue the Purchase Order; and authorizing the Director of Finance or her designee to execute any Change Orders not to exceed 15% of the total purchase price. • Resolution approving the Competitive Bidding Process from Sourcewell to Pape Machinery, French Camp, CA, to purchase eight (8) Trailers for an amount not to exceed $594,307; and authorizing the Director of Finance, or her designee, to issue the Purchase Order; and authorizing the Director of Finance or her designee to execute any Change Orders not to exceed 15% of the total purchase price.

FINANCE DEPARTMENT; Dianne Love, 209-571-5164, [email protected] Consent

19. Consider approving an agreement with Stanislaus County Behavioral Health and Recovery Services, Modesto, CA, for Crisis Intervention and De-Escalation Training for a total amount not to exceed $237,900 over three (3) years. (Funding Source: Police Grants)
Staff Recommendation:
• Resolution approving the Agreement with Stanislaus County Behavioral Health and Recovery Services, Modesto, CA, for Crisis Intervention and De-Escalation Training, for a three (3) year Agreement, for an estimated annual amount of $79,300, and a total amount not to exceed $237,900 over three (3) years; and authorizing the City Manager, or his designee, to execute the Agreement.

POLICE DEPARTMENT; Jessica Nicholson, 209-572-9500,
[email protected]
Consent

20. Consider approving an Agreement to upgrade the existing AssetWorks Fleet Management Software to the cloud-based solution, to AssetWorks, Inc., Berwyn, PA for a total amount not to exceed $731,837 over five (5) years. (Funding Source: Fleet Management Fund)
Staff Recommendation:
• Resolution approving the Agreement with AssetWorks, Inc., Berwyn, PA for the cloud-based solution Fleet Management Software for a two (2) year Agreement with three (3) one-year extension options, for a total year one (1) cost of $170,818 and a total amount not to exceed $731,837 over five (5) years, and authorizing the City Manager, or his designee, to execute the Agreement.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] - 8 -
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Consent

21. Consider approving an Agreement for Painting Services for Wastewater and Water Sites with D&H Painting Inc., Rancho Cordova, CA, for a total amount not to exceed $1,717,802, over five (5) years (Funding Source: Sewer and Water Funds) Staff Recommendation:
• Resolution approving the Award of Bid and Agreement for Painting Services for Wastewater and Water Sites to D&H Painting Inc., Rancho Cordova, CA, for a two (2) year agreement with three (3) one-year extension options, for an estimated annual amount of $343,560, and a total amount not to exceed $1,717,802, over five (5) years, and authorizing the City Manager, or his designee, to execute the Agreement.

UTILITIES; Jeff Daniels, 209-577-6255, [email protected]

COUNCIL COMMENTS & REPORTS

CITY MANAGER COMMENTS & REPORTS

HEARINGS
Published in the Modesto Bee on September 6, 2026.

22. Hearing to approve the City of Modesto’s Consolidated Annual Performance Evaluation Report for Program Year 2025-2026. (Funding Source: Various Funds) Staff Recommendation:
• Resolution approving the City of Modesto’s Consolidated Annual Performance Evaluation Report for Program Year 2025-2026 and authorizing the City Manager or his designee, to sign any required certifications and documents for submittal to the U.S. Department of Housing and Urban Development.

CED; Edgar Garcia, 209-571-5101, [email protected] Hearing Notice mailed to appellant on September 11, 2026.

23. Hearing to consider the Appeal for the Final Revenue Audit Report for the period of July 1, 2024 through June 30, 2025 for McHenry Business Services LLC (Limited Liability Corporation) doing business as (dba) Planet 8ths Herbology. (Funding Source: Cannabis Administrative Permit Fees)
Staff Recommendation:
• Resolution upholding the Tax Administrator’s decision regarding the Final Revenue Audit Report for the period of July 1, 2024 through June 30, 2025 for McHenry Business Services LLC dba Planet 8ths Herbology.

FINANCE DEPARTMENT; DeAnna Christensen, 209-577-5387,
[email protected]

NEW BUSINESS

24. Consider approving the Agreement for the furnishing of City-wide Landscaping Services to Grover Landscape Services Inc., Modesto, CA for a total amount not to exceed $17,989,717, over five (5) years. (Funding Source: Various Funds) - 9 -
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Staff Recommendation:
• Resolution approving the Award of Proposal and Agreement for City-wide Landscaping Services to Grover Landscape Services Inc. for a two (2) year agreement with three (3) one-year extension options, for an estimated annual amount of $3,597,944 and a total amount not to exceed $17,989,717 over five (5) years and authorizing the City Manager, or his designee, to execute the Agreement.

FINANCE DEPARTMENT; Dianne Love, 209-571-5164, [email protected]

MATTERS TOO LATE FOR THE AGENDA
These may be presented by members of the City Council and staff upon determination by a majority vote that an emergency exists, as defined by State law, or by a 2/3 vote that (1) there is a need to take immediate action, and (2) that the need for action came to the City’s attention after the agenda was posted.

ADJOURNMENT
Posted pursuant to Government Code Section 54954.2 on the bulletin board at Tenth Street Place at by
date time signature
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MODESTO CITY COUNCIL
www.modestogov.com

MINUTES
City of Modesto

CITY COUNCIL MEETING
Chambers, Basement Level
Tenth Street Place, 1010 10th Street
Modesto, California
Tuesday, September 01, 2026 at 5:30 PM
Special City Council – Closed Session Meeting 4:20 p.m.

Roll Call: Present: Councilmembers Alvarez, Bavaro, Escutia-Braaton, Ricci, Wright, Mayor Zwahlen

Absent: Williams
Regular City Council Meeting 5:30 p.m.

Roll Call: Present: Councilmembers Alvarez, Bavaro, Escutia-Braaton, Ricci, Wright, Mayor Zwahlen

Absent: Williams
Pledge of Allegiance to the Flag
Invocation: Lance Lowell, Neighborhood Church
City Clerk’s Announcements: None.

Declaration of Conflicts of Interest: None.

Reports from Closed Session: No Reportable action.

ACKNOWLEDGEMENTS AND PRESENTATIONS

1. Proclamation declaring September 6 -12, 2026 as National Suicide Prevention Week. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] #6..
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ACTION: Mayor Zwahlen presented proclamation declaring September 6 -12, 2026 as National Suicide Prevention Week.

2. Proclamation declaring September 15 - October 15, 2026 as National Hispanic Heritage Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] ACTION: Mayor Zwahlen presented proclamation declaring September 15 - October 15, 2026 as National Hispanic Heritage Month.

PUBLIC COMMENT PERIOD
• A member of the public raised concerns about recent economic, political, and AIrelated developments involving foreign companies and technology, and their potential impact on Modesto and the nation.
• Bruce Hammerstrom alleged harassment and unfair code enforcement actions against his property, citing escalating fines and lack of assistance, and called for the City Attorney’s resignation.
• Milt Trieweller raised concerns about climate change, national debt, residential growth, and the potential impacts of data centers, urging the City to prohibit data centers in Modesto and Stanislaus County.
• Teresa Gamboa, Chairwoman of the Woodland West Community Neighborhood, invited the Mayor and Council to the neighborhood’s annual Family Fun Day and encouraged them to attend.
• Derek Castle praised the City’s efforts to expand bridge housing and supported exploring the purchase or lease of property to provide additional sites for tiny cabins and shelter for unhoused residents.
• Dauki Wilburn, founder of Volunteer Animal Retrieval Specialists, highlighted the nonprofit’s free technical animal rescues and requested a workshop with City staff to explore formalizing a partnership with the City.

CONSENT ITEMS – ROLL CALL VOTE REQUIRED
ACTION CONSENT ITEMS: 3-4, 6 (Wright/Escutia-Braaton; 6/0)

CONSENT
Consent

3. Consider approving the Minutes for the August 25, 2026 Council Meeting. (Funding Source: Not Applicable)
• Motion approving the Minutes for the August 25, 2026 Council Meeting.

CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] #6..
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ACTION: (Wright/Escutia-Braaton; 6/0) Motion approving the Minutes for the August 25, 2026 Council Meeting.

Consent

4. Consider accepting the improvements of the Sonoma Sewer Trunk Extension Phase 3 & 4A Project as complete, authorizing the City Manager, or his designee, to release payments totaling $1,173,469. (Funding Source: Sewer Fund) • Resolution accepting the improvements of the Sonoma Sewer Trunk Extension Phase 3 & 4A Project as complete, authorizing the City Manager, or his designee, to release payments totaling $1,173,469.

ENGINEERING SERVICES; Pete Kambel, 209-577-5444, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2026-278 accepting the improvements of the Sonoma Sewer Trunk Extension Phase 3 & 4A Project as complete, authorizing the City Manager, or his designee, to release payments totaling $1,173,469.

Removed from Consent

5. Consider approving the Second Amendment with HDR Engineering, Inc., of Folsom, CA to complete assigned work and gain Regulatory Compliance for the Carpenter Road Landfill, Modesto California, thereby increasing the Agreement amount by $820,774 through the duration of the Agreement. (Funding Source: Carpenter Road Landfill)
• Resolution approving the Second Amendment to the Agreement with HDR Engineering, Inc., of Folsom, CA., to complete assigned engineering and permitting work as next steps to gain regulatory compliance for the Carpenter Road Landfill, Modesto, California, increasing the Agreement amount by $820,774, to a new total amount not to exceed $1,172,224 through the term of the Agreement, and authorizing the City Manager, or his designee, to execute the Amendment.

PUBLIC WORKS; John Chavez, 209-577-5453, [email protected] ACTION: (Alvarez/Ricci; 6/0) Resolution 2026-279 approving the Second Amendment to the Agreement with HDR Engineering, Inc., of Folsom, CA., to complete assigned engineering and permitting work as next steps to gain regulatory compliance for the Carpenter Road Landfill, Modesto, California, increasing the Agreement amount by $820,774, to a new total amount not to exceed $1,172,224 through the term of the Agreement, and authorizing the City Manager, or his designee, to execute the Amendment.

Consent

6. Consider entering into a Memorandum of Understanding with Stanislaus County for the reimbursement of costs related to the Riverdale Water System Project for a total amount not to exceed $4,203,518. (Funding Source: Water Fund) • Resolution approving a Memorandum of Understanding with Stanislaus County #6..
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for the reimbursement of costs related to the Riverdale Water System Project for a total amount not to exceed $4,203,518.

UTILITIES; Jim Alves, 209-571-5557, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2026-280 approving a Memorandum of Understanding with Stanislaus County for the reimbursement of costs related to the Riverdale Water System Project for a total amount not to exceed $4,203,518.

COUNCIL COMMENTS & REPORTS
• Councilmember Ricci advocated for permitting solutions for local vendor fairs, raised concerns about ongoing issues at Enslen Park, and criticized Stanislaus Animal Services’ handling of animal control, licensing, and community services. • Councilmember Alvarez supported developing micro-permitting options for entrepreneurs and pop-up events, noting that staff is working with local business organizations and stakeholders to develop an effective proposal. • Mayor Zwahlen highlighted community collaboration, local events, affordable housing, mental health awareness, and the strong use and maintenance of Modesto’s parks, expressing pride in the City and encouraging residents to take personal responsibility and contribute positively to the community.

CITY MANAGER COMMENTS & REPORTS
• City Manager Lopez announced the City’s September 11 memorial ceremony and an upcoming free household disposal event for Modesto residents.

MATTERS TOO LATE FOR THE AGENDA
None.

ADJOURNMENT
This meeting adjourned at 6:31 p.m.

Attest:____________________________
Diane Nayares-Perez, City Clerk
#6..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: September 1, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Stephan Christensen, Office of Performance Management and Budget Director
SUBJECT: Monthly Budget Adjustment Report – August 2026 CONTACT: Kaceey Culbertson, Budget Manager, [email protected], 209-571-5855
DESCRIPTION:

Consider approving the recommended budget adjustments to Fiscal Year 2025-26 and Fiscal Year 2026-27 Annual Operating and Capital Improvement Program Budgets; Amending the Fiscal Year 2026-27 Position Allocation; and Amending the Fiscal Year 2026-27 Classification Plan. (Funding Source: Various Funds) STRATEGIC PLAN ELEMENT:

This item supports the City of Modesto 2025-2026 Strategic Plan focus on Governance and Service Delivery under Goal H: Achieve Long-Term Financial Sustainability.

BACKGROUND:

Each month, City staff presents a variety of budget adjustments requiring the approval of the City Council. These changes are submitted to the Finance Committee for review prior to submission to Council and include an explanation and justification for each transaction.

This report includes a number of adjustments that have been identified by monitoring department budgets. Due to the number of adjustments, they have been included as an attachment to this report (Exhibit A). As in past reports, adjustments are separated by fund and department as appropriate. The adjustments are reflected in a more summarized version and supporting documentation is available for review upon request. #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report – August 2026

Page 2 of 6 ends

Also included in this report as an attachment (Exhibit B) is a summary of the budget adjustments approved by the City Manager and/or the Office of Performance Management and Budget Director consistent with the authority levels that were approved by Council with the passing of the Fiscal Year 2025-26 Operating Budget via Resolution No. 2025-187 and Fiscal Year 2026-27 Operating Budget via Resolution 2026-189.

DISCUSSION:

The monthly budget adjustments attached as Exhibit A in this item include adjustments across various departments. These adjustments are explained in further detail within Exhibit A.

Additionally, the Fiscal Year 2026-27 position allocation is being amended as outlined in Exhibit C and Fiscal Year 2026-27 classification plan is being amended to create a new job specification for a Water Services Dispatch Supervisor as outlined in Exhibit D and Attachment 1.

Part of the proposed position allocation amendment is consolidating some engineering divisions within the Engineering Services Department to bring in divisions from the Utilities Department under its operations. These Divisions include Capital Improvement Services, Water Engineering Design, and Wastewater Engineering Design. The positions will move under the Engineering Services Department to provide better coordination and workflow for engineering design work provided for various capital projects within the City. Position allocation will also be amended for the Engineering Services Department to eliminate one vacant Senior Civil Traffic Engineer position and reinstate the Civil Traffic Engineer position in the Transportation Engineering and Design Division. These changes are outlined in Exhibit C.

FISCAL IMPACT:

The fiscal impact of each item is noted in the attachments to this report. The adjustments are for Fiscal Year 2025-26 and Fiscal Year 2026-27.

CEQA/NEPA REQUIREMENTS:

This item does not constitute a “project” within the meaning of California Environmental Quality Act (CEQA) Guidelines Section 15378 and requires no environmental review.

COMMITTEE RECOMMENDATION:

This item was presented to the Finance Committee on August 24, 2026, and the Committee recommended forwarding the item to Council for approval. It must be noted that since the recommendation of the Finance Committee the following additions have been made for the reason noted below. Many of these adjustments have been added due to year-end closing deadlines for FY 2025-2026 or grant requirement deadlines/project expenditure requirements in FY 2026-2027. #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report – August 2026

Page 3 of 6 ends

For Fiscal Year 2025-2026 the following adjustments have been added:

Under the Finance Department section, one item was added to transfer interest earnings from the American Rescue Grants Fund (ARPA) Fund 1390. The language added to Exhibit A is as follows:
• A budget adjustment in the amount of $149,105 is necessary to establish a transfer out from Fund 1390 (American Rescue Grants Fund (ARPA)) to Fund 0100 (General Fund) to account for the cumulative interest earnings in Fund 1390. The ARPA guidelines state that the interest earned on funds does not need to be kept within the fund or solely spent on ARPA eligible projects.

Therefore, the interest earned will be transferred to the General Fund for use there on an annual basis.

Under the Human Resources section, one additional item was added to adjust the transfer to General Fund (0100). The language added to Exhibit A is as follows:
• A budget adjustment is necessary in the amount of $170,828 to increase the transfer out from Fund 5510 – Employee Benefits Fund to Fund 0100 – General Fund. The increase in the transfer amount is related to the actual payroll expenses accounting for the Unfunded Accrued Liability (UAL) shift payment as part of the Modesto City Fire Fighters Association (MCFFA) Memorandum of Understanding (MOU). The MOU language includes a contribution from the employees for the annual UAL payment.

Under the Measure H section, one additional item was added to recognize additional revenue received for the Rental Housing Safety Program. The language added to Exhibit A is as follows:
• A budget adjustment is necessary in the amount of $250,000 in the Measure H – Non-Capital Projects Fund 3122, Rental Housing Safety Program Project 101507 to recognize actual revenue received from the rental housing safety program.

The expenditures will be appropriated in the like amount to be used for on-going funding for the program.

Under the Non-Departmental section, one additional item was added to adjust the transfer to Fund 2150. The language added to Exhibit A is as follows:
• A budget adjustment in the amount of $76,486 in the Public Financing Authority 98 & 07 Bonds Fund (2150) is necessary to fund the increase in the annual debt service. Additionally, the transfer from the General Fund (0100) to the Public Financing Authority 98 & 07 Bonds Fund (2150) is being increased by the same amount. The increase in the transfer is related to the funds held in cash with a fiscal agent account. The cash will be used for the September 1st principal payment and will reduce the required transfer next fiscal year. #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report – August 2026

Page 4 of 6 ends

Under the Public Works section, the following items were added to adjust the transfer to Surface Transportation Fund (1700). The language added to Exhibit A is as follows:
• A budget adjustment is necessary to establish a transfer from the Surface Transportation Fund – Measure L/SB 1 Maintenance of Effort (MOE) Fund (1420) to the Surface Transportation Fund (1700) in the amount of $639,447 to offset transportation operations in the fund and meet the Senate Bill 1 RMRA/Measure L MOE requirement.

For Fiscal Year 2026-2027 the following adjustments have been added:

Under the Community and Economic Development Department section, one item was added to increase the 7th Street Village project. The language added to Exhibit A is as follows:
• A budget adjustment in the amount of $84,000 is necessary in the Grants – HOME Investment Partnership Program Fund (1170) 7th Street Village Project 101493 to provide additional funding capacity for activity delivery, staff time and project management costs associated with the construction phase of the project.

Under the Police Department section, two additional items were added to recognize revenue and establish a new project Abatement of Public Nuisance and recognize grant revenue. The language added to Exhibit A is as follows:
• A budget adjustment in the amount of $2,520,936 is needed in the Police Grants Fund (1342) for Project 101759 – Abatement of Public Nuisance Project. The adjustment will recognize excess revenue and establish the discretionary expenditure accounts in a new Abatement Nuisance project. • A budget adjustment in the amount of $420,000 is needed in the Police Grants Fund (1342) for Project 101767 – 2026/27 Office of Traffic Safety (OTS) Selective Traffic Enforcement Program (STEP) Grant. The adjustment will recognize grant revenue and establish the discretionary expenditure accounts.

The Modesto Police Department was awarded the grant per Grant #PT27099 and the budget appropriation is in place to expend the funds for eligible grant program categories per the grant agreement.

Under the Public Works section, the following items were added to adjust the transfer to recognize various grant revenue. The language added to Exhibit A is as follows:
• A budget adjustment in the amount of $125,000 is needed in the Pavement Maintenance Management Plan (PMMP) AIG-047 project (101769) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for Federal revenues and offsetting expenditures. As part of the adjustment, the #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report – August 2026

Page 5 of 6 ends

transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant. • A budget adjustment in the amount of $333,450 is needed in the Airport Layout Plan (ALP) AIG-048 project (101770) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for Federal revenues and offsetting expenditures. As part of the adjustment, the transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant.
• A budget adjustment in the amount of $475,099 is needed in the Airport Lighting Control and Monitoring System (ALCMS) project (101730) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for Federal revenues and offsetting expenditures. As part of the adjustment, the transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant.

Under the Utilities section, one additional item was added to establish the budget for a new non-capital project related to meter and register replacements. The language added to Exhibit A is as follows:
• A budget adjustment is necessary in the amount of $200,000 to establish Project 101760 – Meter and Register Replacement in the Water Fund (4100). The project will begin October 1, 2026, and the adjustment is establishing the expenditure budget to account for anticipated meter and register replacements in Fiscal Year 2026/27. The expenditures will be covered by Water Fund reserves.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution amending Fiscal Year 2025-26 and Fiscal Year 2026-27 Annual Operating and Capital Improvement Program Budgets and authorizing the City Manager, to take the necessary steps to implement the provisions of this Resolution.

Resolution amending the Position Allocation for Fiscal Year 2026-27 as adopted in the operating budget.

Resolution amending the Position Classification Plan for the City of Modesto to create new classifications and amend existing classifications.

Approved by:

Stephan Christensen, Office of Performance
Management and Budget Director
Joseph P. Lopez, City Manager
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City Council, September 22, 2026
Monthly Budget Adjustment Report – August 2026

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Attachments:

1. Resolutions (3)

2. Exhibit A – Budget Adjustments Requiring Council Approval

3. Exhibit B - Staff Approved Budget Adjustments

4. Exhibit C – Amended Position Allocation

5. Exhibit D – Amended Classification Plan

6. Attachment 1 – Water Service Dispatch Supervisor Classification Specification
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09/22/2026/OPMB/SChristensen/Item X 1 2026-XX

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-
RESOLUTION AMENDING THE FISCAL YEAR 2025-26 AND FISCAL
YEAR 2026-27 ANNUAL OPERATING AND CAPITAL IMPROVEMENT

PROGRAM BUDGETS AND AUTHORIZING THE CITY MANAGER, TO

TAKE THE NECESSARY STEPS TO IMPLEMENT THE PROVISIONS

OF THIS RESOLUTION
WHEREAS, a financial analysis has been completed and it has been determined that a budget adjustment is required to the Annual and Capital Improvement Budgets of the City of Modesto for Fiscal Year 2025-26.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Fiscal Year 2025-26 Annual Operating and Capital Improvement budget as shown in Exhibit A, which is attached hereto and incorporated by reference herein.

BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution.
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09/22/2026/OPMB/SChristensen/Item X 2 2026-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 22nd day of September 2026, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST: _____________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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09/22/2026/OPMB/SChristensen/Item X 1 2026-XX

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION AMENDING THE POSITION ALLOCATION FOR FISCAL YEAR 2026-27 AS ADOPTED IN THE OPERATING BUDGET
WHEREAS, a Position Allocation for the City of Modesto was adopted by Modesto City Council Resolution pursuant on June 02, 2026, as part of the Annual Budget of the City of Modesto for Fiscal Year 2026-27, and WHEREAS, classification studies are conducted to ensure that a classification system is equitable and consistent within an organization and that positions are correctly classified, and
WHEREAS, per Personnel Administrative Order 2.2-87-12, a classification study may be conducted in response to a reclassification request, to develop/revise a classification specification, or to assist in a reorganization, and WHEREAS, classification studies were conducted by Human Resources to determine appropriate classifications, and
WHEREAS, position changes will be effective the pay period in which September 22, 2026 falls, unless otherwise noted.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Position Allocation and the Fiscal Year 2026- 27 Operating Budget for various departments attached hereto as Exhibit C.

The foregoing resolution was adopted at a regular meeting of the Council of the City of Modesto held on the 22nd day of September 2026, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
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09/22/2026/OPMB/SChristensen/Item X 2 2026-XX
AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:
(SEAL)

APPROVED AS TO
FORM:

ATTEST:

DIANE NAYARES-PEREZ, City
Clerk
By:

JOSE M. SANCHEZ, City Attorney
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1 09/22/2026/OPMB/SChristensenr/ItemX 2026-XX

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION AMENDING THE POSITION CLASSIFICATION PLAN

FOR THE CITY OF MODESTO TO CREATE NEW CLASSIFICATIONS

AND AMEND EXISTING CLASSIFICATIONS
WHEREAS, a Position Classification Plan for the City of Modesto was adopted by Modesto City Council Resolution No. 2026-191 pursuant to Rule 2.2 of the Personnel Rules and Regulations of the City of Modesto, and WHEREAS, the City Manager has recommended to the Council amendments to the Position Classification Plan, and
WHEREAS, Rule 2.2 of the City of Modesto Personnel Rules provides that revisions to the Position Classification Plan shall be effective upon adoption of resolution of the City Council.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto as follows:

1. POSITION CLASSIFICATION PLAN AMENDED. The Position
Classification Plan of the City of Modesto is hereby amended as per Exhibit D and Attachment 1.

2. EFFECTIVE DATE. This Resolution shall become effective the pay period in which September 22, 2026, falls.
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2 09/22/2026/OPMB/SChristensenr/ItemX 2026-XX
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 22nd day of September 2026, by ________, who moved its adoption, which motion being duly seconded by ________was upon roll call carried and the resolution adopted by the following vote:

AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST:

DIANE NAYARES-PEREZ, City
Clerk
(SEAL)
APPROVED AS TO FORM:

By: _________________________________
JOSE M. SANCHEZ, City Attorney
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City Council, September 22, 2026
Monthly Budget Adjustment Report
09/22/2026/OPMB/KCulbertson

EXHIBIT A
FISCAL YEAR 2025-2026

ENGINEERING SERVICES DEPARTMENT
• A budget adjustment is necessary to allocate funds to various Measure L projects. The total amount of the adjustment is $4,130,000. Each project will have an increase in the transfer out from Fund 1410 – Measure L Local Road Tax to the project and an increase to the projects discretionary expense accounts. This was approved by the Citizen’s Transportation Sales Tax Commission at the meeting held on June 4, 2026. Below is the adjustment to each project.

Project
Number
Project Name Amount for
Adjustment
Local Streets and Roads Category
101747 Tully Road Pavement Rehab Phase II $3,768,000
Traffic Management Category
101482 Safe Streets for All Action Plan $62,000
Bike and Pedestrian Category
101073 Carver/Bangs/Pelandale/Snyder Bike
Trail
$300,000
Total Increase to Projects $4,130,000
Total Transfer Out from Fund 1410 $4,130,000
• A budget adjustment is necessary to transfer $360,553 from Fund 1420 – Surface Transportation/Measure L – Senate Bill (SB) 1 Maintenance of Effort (MOE) fund to Project 101169 – Scenic Drive Pavement Rehab Phase 2 in the Capital Grants – Streets CIP Projects Fund (3160) to satisfy the Fiscal Year 2025-2026 MOE for Measure L. In addition, the current transfer in from Fund 1410 – Measure L Road Tax Fund is being reduced by the same amount.

FINANCE DEPARTMENT
• A budget adjustment in the amount of $149,105 is necessary to establish a transfer out from Fund 1390 (American Rescue Grants Fund (ARPA)) to Fund 0100 (General Fund) to account for the cumulative interest earnings in Fund 1390. The ARPA guidelines state that the interest earned on funds does not need to be kept within the fund or solely spent on ARPA eligible projects.

Therefore, the interest earned will be transferred to the General Fund for use there on an annual basis.

FIRE DEPARTMENT
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City Council, September 22, 2026
Monthly Budget Adjustment Report

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• A budget adjustment of $150,000 is necessary to increase the transfer out from the Measure H Fund (0160) to the Grant – Operations Grants Reimbursed Fund (1341) to account for overtime expenses that are ineligible to be reimbursed by the MFD – 2023 Federal Emergency Management Agency (FEMA) Staffing for Adequate Fire and Emergency Response (SAFER) Grant.

HUMAN RESOURCES
• A budget adjustment is necessary in the amount of $170,828 to increase the transfer out from Fund 5510 – Employee Benefits Fund to Fund 0100 – General Fund. The increase in the transfer amount is related to the actual payroll expenses accounting for the Unfunded Accrued Liability (UAL) shift payment as part of the Modesto City Fire Fighters Association (MCFFA) Memorandum of Understanding (MOU). The MOU language includes a contribution from the employees for the annual UAL payment.
• A budget adjustment is necessary in various Human Resources Insurance funds to account for additional expenses related to claims that came in higher than anticipated in the Fiscal Year. The increase will come from the respective funds Reserves.

Fund Fund Name Increase Expenditure
5350 Dental Insurance Fund 345,000
5370 Disability Insurance
Fund
8,500

MEASURE L
• A budget adjustment is necessary to recognize actual revenue received in the Measure L Fund (1410) for the fiscal year FY 2024-25. The additional revenue to recognize is in an amount up to $3,000,000 for the Local Streets & Roads (14625), Traffic Management (14626), and Bike & Pedestrian (14627) cost centers.

MEASURE H
• A budget adjustment is necessary in the amount of $108,298 in the Fiscal year 2025/2026 Measure H spending plan to re-appropriate expenditures and revenue in the 25/26 Park Maintenance Project 101672 to the 26/27 Playground Replacements – Catherine Everett & Whitmore Project 101751 and 26/27 Playground Replacements – George Rogers & Creekwood Project 101748.

There are sufficient funds available due to the completion of tasks in Project 101672 and the overall Measure H spending plan is not changing. #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report

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09/22/2026/OPMB/KCulbertson
• A budget adjustment in the amount of $15,000 is necessary in Fiscal Year 2025/2026 Measure H spending plan to appropriate budget for the audit services for the Measure H transaction tax. The budget will be used to pay invoices quarterly for these services.
• A budget adjustment is necessary in the amount of $250,000 in the Measure H – Non-Capital Projects Fund 3122, Rental Housing Safety Program Project 101507 to recognize actual revenue received from the rental housing safety program. The expenditures will be appropriated in the like amount to be used for on-going funding for the program.

NON-DEPARTMENTAL
• A budget adjustment is necessary to increase the Transfer Out from the Police Department Capital Facility Fee Fund 3440 to the General Fund 0100 in the amount of $240,000. There is additional fund balance available in the Police Department Capital Facility Fee fund that can be transferred for repayment on the Police Department Headquarters (7000).
• A budget adjustment is necessary to increase the Transfer Out from the Fire Department Capital Facility Fee Fund 3450 to the General Fund 0100 in the amount of $135,000. There is additional fund balance available in the Fire Department Capital Facility Fee fund that can be transferred for repayment on the loan for Fire Station #11.
• A budget adjustment is necessary to increase the Transfer Out from the General Government Capital Facility Fee Fund 3470 to the General Fund 0100 in the amount of $200,000. There is additional fund balance available in the General Government Capital Facility Fee fund that can be transferred for repayment on the Tenth Street Plan Project (7000).
• Per the agreement that was entered into with the Modesto Convention & Visitors Bureau (CVB) by the City of Modesto, the City is to provide to the CVB an amount equal to seventeen percent (17%) of the City’s annual Transient Occupancy Tax (TOT) receipts. In addition, a bonus equal to a quarter (0.25%) percent of the most recent three-year average in TOT receipts is granted if receipts exceed the average by $50,000 in a single year. In Fiscal Year 2025-26, the City is estimated to receive total TOT receipts of $3,517,357 and the 17% of that amount that is required to be transferred to the CVB is $589,432. A bonus of $8,628 is being granted to the CVB for exceeding the $50,000 threshold over baseline TOT receipts per the agreement. The Fiscal Year 2025-26 budget originally estimated TOT receipts at $3,640,773. Therefore, a budget adjustment is required in Fiscal Year 2025-26 to reduce the TOT receipts in the amount of $123,416 to true up the accounts as shown below:
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City Council, September 22, 2026
Monthly Budget Adjustment Report

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09/22/2026/OPMB/KCulbertson
Budget Adjustment Revised
Budget
TOT revenue $3,168,013 ($248,714) $2,919,299
CVB (bonus inclu.) $472,760 $125,298 $598,058
Total $3,640,773 ($123,416) $3,517,357
• Per the agreement that was entered into with the Modesto Tourism Marketing District (MTMD), the City is to provide the Modesto Convention & Visitors Bureau (CVB) an amount equal to one and one-half percent (1.5%) of short-term room rental revenue for Fiscal Year 2025-26. The City is estimated to receive $524,733 in total MTMD revenue. The Fiscal Year 2025-26 budget originally estimated MTMD receipts of $355,000. Therefore, a budget adjustment is necessary to increase the Modesto Tourism Marketing District budget by $169,733 to true-up these accounts.
• A budget adjustment in the amount of $76,486 in the Public Financing Authority 98 & 07 Bonds Fund (2150) is necessary to fund the increase in the annual debt service. Additionally, the transfer from the General Fund (0100) to the Public Financing Authority 98 & 07 Bonds Fund (2150) is being increased by the same amount. The increase in the transfer is related to the funds held in cash with a fiscal agent account. The cash will be used for the September 1st principal payment and will reduce the required transfer next fiscal year.

POLICE DEPARTMENT
• A budget adjustment in an amount not to exceed $350,000 is necessary to increase Discretionary Expenses in the Traffic Safety Fund (1600). The fund is currently over budget due to the replacement costs related to a new Aerial Truck Lift. The increase in budget will be coming from the Fund Reserves where there is sufficient fund balance.

PUBLIC WORKS
• A budget adjustment is necessary to decrease the FY 2025-2026 10th Street JPA Allocation from various City funds for the fiscal year 2025-2026 assessment that was approved by the 10th Street JPA Commission Board on May 5, 2025, for the 10th Street Place, of which, the City’s portion of the decrease is an amount not to exceed $100,000. The assessment of $100,000 has been split amongst several funds of which the breakdown can be seen below.

Fund Name Fund
Total
Change
General Fund 0100 ($57,821)
HUD Administration 1133 ($840)
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City Council, September 22, 2026
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09/22/2026/OPMB/KCulbertson
• The
following
adjustments are being made from the various city Fleet Replacement sub-funds to the Fleet Replacement Fund (5409). This action is being taken to reimburse the Fleet Replacement Fund (5409) for vehicle purchases that had been made as required by fund accounting rules in FY 25-26 for the activity through June 2026. As part of the adjustment, the Fleet Management Fleet Replacement Fund (5409) expense budget is being increased by $2,750,000 to cover the total purchases. Below is a table showing the net effect in each sub-fund because of the various adjustments.

Fund Fund Name Net Impact
of
Adjustments
1709 Surface Transportation Fleet Replacement $50,184
4009 Parking Fleet Replacement Fund $16,811
4109 Water Fund Fleet Replacement $715,412
4219 Wastewater Fleet Replacement Fund $787,745
4319 Airport Fleet Replacement Fund $50,196
4899 Solid Waste Fleet Replacement Fund $1,193,962
5410 General Fund Equipment Fleet Replacement $3,628,726 5809 Building Services Fleet Replacement Fund $156,628
Total Transfer Outs $6,599,664
5409 Transfer In – Fleet Management Fleet
Replacement
$6,599,664
Total Transfer Ins $6,599,664
A budget adjustment is necessary to establish a transfer in the amount of $50,184 from the Surface Transportation Fleet Replacement Fund to Fleet Replacement Fund for purchase of (2) concrete saws.

A budget adjustment is necessary to establish a transfer in the amount of $16,811 from the Parking Fleet Replacement Fund to Fleet Replacement Fund for purchase of (1) trailer with 325-gallon steam cleaner.

Capital Improvement Support 1300 ($5,855)
Surface Transportation Fund 1700 ($5,978)
Water Fund 4100 ($12,785)
Sewer Operations Fund 4210 ($4,377)
Solid Waste Fund 4891 ($3,647)
Mail Services ISF 5120 ($277)
Information Technology Fund 5230 ($6,820)
Insurance - Administration Fund 5310 ($1,189)
Employee Benefits Fund 5520 ($409)
Grand Total ($99,998)
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City Council, September 22, 2026
Monthly Budget Adjustment Report

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A budget adjustment is necessary to establish a transfer in the amount of $715,412 from the Water Fund Fleet Replacement Fund to Fleet Replacement Fund for purchase of (1) hydro excavator vacuum truck.

A budget adjustment is necessary to establish a transfer in the amount of $787,745 from the Wastewater Fund Fleet Replacement Fund to Fleet Replacement Fund for purchase of (1) forklift, (1) trailer grinder, and (1) 14.5 cube body truck.

A budget adjustment is necessary to establish a transfer in the amount of $50,196from the Airport Fleet Replacement Fund to Fleet Replacement Fund for purchase of (1) tractor.

A budget adjustment is necessary to establish a transfer in the amount of $1,193,962 from the Solid Waste Fleet Replacement Fund to Fleet Replacement Fund for purchase of (3) 66.0 3-axle packer trucks.

A budget adjustment is necessary to establish a transfer in the amount of $3,628,726 from General Fund Equipment Fleet Replacement Fund 5410 to Fleet Replacement Fund for purchase of (8) patrol/traffic motorcycles, (30) Patrol SUVs, (1) 1-ton utility truck, (1) 1/2 – ton truck, and (1) 1-ton van. The transfer will also fund all the costs for upfitting public safety vehicles.

A budget adjustment is necessary to establish a transfer in the amount of $156,628 from the Building Service Fleet Replacement Fund to Fleet Replacement Fund for purchase of (1) 1/2 – ton truck and (1) 3/4 – ton utility van. • A budget adjustment is necessary to establish a transfer from the Surface Transportation Fund – Measure L/SB 1 Maintenance of Effort (MOE) Fund (1420) to the Surface Transportation Fund (1700) in the amount of $639,447 to offset transportation operations in the fund and meet the Senate Bill 1 RMRA/Measure L MOE requirement.

UTILITIES
• A budget adjustment in the amount of $11,000,000 is required from the Water Fund (4100) to the Water CIP Fund (4180) for capital project expenditures related to the Water Fund. For tracking purposes, Capital projects are all expensed out of Water CIP Fund (4180) and at the end of the fiscal year, a transfer from the Water Fund (4100) is needed to cover the expenses in the Water CIP Fund.
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City Council, September 22, 2026
Monthly Budget Adjustment Report

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09/22/2026/OPMB/KCulbertson
FISCAL YEAR 2026-2027

COMMUNITY AND ECONOMIC DEVELOPMENT
• A budget adjustment in the amount of $84,000 is necessary in the Grants – HOME Investment Partnership Program Fund (1170) 7th Street Village Project 101493 to provide additional funding capacity for activity delivery, staff time and project management costs associated with the construction phase of the project.

CITY CLERK’S OFFICE
• A budget adjustment in the amount of $119,571 is necessary to the City Clerk’s Office General Fund (0100) budget to reallocate the budget for the Administrative Office Assistant II position from the Mail Services Internal Services Fund (ISF) (5120) to the City Clerk’s Office operating budget. The position will be funded with anticipated passport revenue and a direct charge agreement and as part of the adjustment, the anticipated revenue will be recognized. As part of the budget adjustment, the Mail Services ISF will be reduced by $98,998 City-Wide.

MEASURE H
• A budget adjustment in the amount of $15,000 is necessary in Fiscal Year 2026/2027 Measure H spending plan to appropriate budget for the audit services for the Measure H transaction tax. The budget will be used to pay invoices quarterly for these services.

MODESTO FIRE DEPARTMENT
• A budget adjustment is necessary in the amount of $877,329 in the Capital Projects Fund 0180, AMR/General EMS Project 100960 to recognize actual revenue received from Emergency Medical Response contracts related to reimbursement for ride along for hospital calls and hard costs for consumable products. The expenditures will be appropriated in the like amount to be used for #7..
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City Council, September 22, 2026
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09/22/2026/OPMB/KCulbertson
on-going funding for fire and Emergency Medical Services (EMS) related expenses.

PARKS, RECREATION AND NEIGHBORHOODS
• A budget adjustment is necessary to increase the Parks and Recreation Administration budget by $43,000 for approved Co-Sponsorships for Fiscal Year 2026-2027 by resolution 2026-185.

POLICE DEPARTMENT
• A budget adjustment in the amount of $379,352 is needed in the Police Grants Fund (1342) for Project 101754 – 26/27 Cannabis Tax Grant. The adjustment will recognize grant revenue and establish the discretionary expenditure accounts.

The Modesto Police Department was awarded the grant from State of California Department of California Highway Patrol (CHP) and the budget appropriation is in place to expend the funds for eligible grant program categories per the grant agreement. $50,000 has been appropriated on the City Manager’s authority for necessary Overtime operations.
• A budget adjustment in the amount of $109,594 is needed in the Police Grants Fund (1342) for Project 101758 – 2025-2026 BJAG Grant. The adjustment will recognize grant revenue and establish the discretionary expenditure accounts.

The Modesto Police Department was awarded via an MOU through Stanislaus County Sheriff’s Department, and the budget appropriation is in place to expend the funds for eligible grant program categories per the grant agreement. • A budget adjustment in the amount of $2,520,936 is needed in the Police Grants Fund (1342) for Project 101759 – Abatement of Public Nuisance Project. The adjustment will recognize excess revenue and establish the discretionary expenditure accounts in a new Abatement Nuisance project. • A budget adjustment in the amount of $420,000 is needed in the Police Grants Fund (1342) for Project 101767 – 2026/27 Office of Traffic Safety (OTS) Selective Traffic Enforcement Program (STEP) Grant. The adjustment will recognize grant revenue and establish the discretionary expenditure accounts.

The Modesto Police Department was awarded the grant per Grant #PT27099 and the budget appropriation is in place to expend the funds for eligible grant program categories per the grant agreement.

PUBLIC WORKS
• A budget adjustment in the amount of $125,000 is needed in the Pavement Maintenance Management Plan (PMMP) AIG-047 project (101769) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for #7..
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City Council, September 22, 2026
Monthly Budget Adjustment Report

Page 9 of 9 ends

09/22/2026/OPMB/KCulbertson
Federal revenues and offsetting expenditures. As part of the adjustment, the transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant. • A budget adjustment in the amount of $333,450 is needed in the Airport Layout Plan (ALP) AIG-048 project (101770) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for Federal revenues and offsetting expenditures. As part of the adjustment, the transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant.
• A budget adjustment in the amount of $475,099 is needed in the Airport Lighting Control and Monitoring System (ALCMS) project (101730) in the Special Aviation Fund (4320) to increase the expense and revenue budget to account for Federal revenues and offsetting expenditures. As part of the adjustment, the transfer from County Aircraft Tax Fund (4330) to the Special Aviation Fund (4320) will be established to cover the 5% match requirement for the grant.

UTILITIES
• A budget adjustment is necessary in the amount of $200,000 to increase the Wastewater Fund (4210) in the Repair and Maintenance account 53100 for a new agreement with HB Restoration for painting services. • A budget adjustment is necessary in the amount of $200,000 to establish Project 101760 – Meter and Register Replacement in the Water Fund (4100). The project will begin October 1, 2026, and the adjustment is establishing the expenditure budget to account for anticipated meter and register replacements in Fiscal Year 2026/27. The expenditures will be covered by Water Fund reserves. #7..
- 35 -

AT-136 DD 0100 General Fund 12210 - FIN - Administration Budget Only - Benefit Adjustment - Decrease Exp $ - $ (2,400) $ (2,400) AT-136 DD 0100 General Fund 12210 - FIN - Administration Business Expenses Exp $ - $ 6,000 $ 6,000 AT-006 OPMB 0100 General Fund 18210 - MFD - Suppression 51515 - PERS - Unfunded Accrued Liability
Lump Sum EXP $ 8,668,198 $ (2) $ 8,668,196
A budget adjustment is necessary to reconcile ISF accounts with year-end actuals for FY 2026.

AT-006 OPMB 0100 General Fund 19320 - MPD - Field Operations 51515 - PERS - Unfunded Accrued Liability
Lump Sum EXP $ 6,900,674 $ (2) $ 6,900,672
AT-006 OPMB 0100 General Fund 14410 - CED - Planning 51565 - Employee Benefits Admin EXP $ (4,379) $ 4,379 $ - AT-006 OPMB 0100 General Fund 14410 - CED - Planning 51565 - Employee Benefits Admin EXP $ - $ 4,014 $ 4,014 AT-006 OPMB 0100 General Fund 33350 - PRN - Senior Citizens Center 51570 - Employee Leave Reimbursement EXP $ (969) $ 969 $ - AT-006 OPMB 0100 General Fund 33350 - PRN - Senior Citizens Center 51570 - Employee Leave Reimbursement EXP $ - $ 969 $ 969 Total Changes for Fund 0100 $ 15,563,524 $ 10,327 $ 15,573,851 AT-135 DD 0160 Measure H
18511 - Measure H - Fire Prevention
Bureau
Vehicles Greater than Capitalization
Threshold Exp $ 227,500 $ (153,000) $ 74,500
A budget adjustment of $153,000 is necessary to move discretionary budget savings to Appropriation A for underbudgeted salary and benefit expenses.

AT-135 DD 0160 Measure H
18511 - Measure H - Fire Prevention
Bureau Budget Only - Salary Adjustment - Increase Exp $ - $ 11,400 $ 11,400 AT-135 DD 0160 Measure H
18511 - Measure H - Fire Prevention
Bureau Budget Only - Benefit Adjustment - Increase Exp $ - $ 7,600 $ 7,600 AT-135 DD 0160 Measure H
18221 - Measure H - Emergency Medical
Services Response Budget Only - Salary Adjustment - Increase Exp $ - $ 80,400 $ 80,400 AT-135 DD 0160 Measure H
18221 - Measure H - Emergency Medical
Services Response Budget Only - Benefit Adjustment - Increase Exp $ - $ 53,600 $ 53,600 Total Changes for Fund 0160 $ 227,500 $ - $ 227,500
AT-123 OPMB 1180 Emergency Shelter Grant (ESG) 101592 - ESG FY24/25 42030 - Activity 1513 Rev $ 25,000 $ 2,000 $ 27,000 A budget adjustment is necessary to increase the revenue account to align with the grant award amount allocated for activity delivery. This adjustment will also correct AT-123 OPMB 1180 Emergency Shelter Grant (ESG) 101592 - ESG FY24/25 42030 - Activity 1515 Rev $ 36,000 $ 2,000 $ 38,000 AT-123 OPMB 1180 Emergency Shelter Grant (ESG) 101592 - ESG FY24/25 42030 - Activity 1516 Rev $ 40,000 $ 3,000 $ 43,000 AT-123 OPMB 1180 Emergency Shelter Grant (ESG) 101592 - ESG FY24/25 Direct Grants Exp $ 25,000 $ (1) $ 24,999 AT-123 OPMB 1180 Emergency Shelter Grant (ESG) 101592 - ESG FY24/25 Direct Grants Exp $ 37,069 $ 2 $ 37,071 AT-124 OPMB 1180 Emergency Shelter Grant (ESG) 101650 - ESG FY25/26 Direct Grants Exp $ 37,967 $ (1) $ 37,966 A budget adjustment is necessary to correct the negative task line balance on activity 1538 related to Admin costs.

AT-124 OPMB 1180 Emergency Shelter Grant (ESG) 101650 - ESG FY25/26 Services City Forces - Interfund Exp $ 11,827 $ 1 $ 11,828 AT-138 DD 1800
Economic Development/Strat Plan
Fund 101697 - Northpointe Apartments CS-CD Time and Materials Rev $ 25,000 $ 10,000 $ 35,000 A budget adjustment in the amount of $10,000 is necessary to increase the project budget for the Time and Materials for the Northpointe Apartments project. Developer funded.

AT-138 DD 1800
Economic Development/Strat Plan
Fund 101697 - Northpointe Apartments AuC - Professional Services Exp $ 17,500 $ 10,000 $ 27,500 Total Changes for Fund 1800 $ 255,363 $ 27,001 $ 282,364 AT-126 OPMB 1341 Grants - Op Grants Reimbursed
101588 - PW - Used Oil Payment
Program 14 Interest Revenue on Bank Account Rev $ - $ 1,713 $ 1,713 A budget adjustment of $1,713 is needed to recognize revenue received from interest and to program offsetting expenses in a like amount.

AT-126 OPMB 1341 Grants - Op Grants Reimbursed
101588 - PW - Used Oil Payment
Program 14 AuC - Professional Services Exp $ - $ 1,713 $ 1,713 Total Changes for Fund 1341 $ - $ 3,426 $ 3,426
AT-130 OPMB 1346 CED Grants Reimbursed 101736 - Clean California CCEP Direct Grants Exp $ 28,851 $ (14,425) $ 14,426 A budget adjustment is necessary to distinguish the costs for activity delivery and staff time. AT-130 OPMB 1346 CED Grants Reimbursed 101736 - Clean California CCEP Services City Forces - Interfund Exp $ - $ 14,425 $ 14,425 AT-130 OPMB 1346 CED Grants Reimbursed 101736 - Clean California CCEP Direct Grants Exp $ 73,133 $ (10,037) $ 63,096 AT-130 OPMB 1346 CED Grants Reimbursed 101736 - Clean California CCEP Services City Forces - Interfund Exp $ - $ 10,037 $ 10,037 Total Changes for Fund 1346 $ 101,984 $ - $ 101,984
AT-121 OPMB 1800
Economic Development /
Strategic Plan Fund 101738 - Oakdale and Claratina SPA CS-CD Time and Materials Rev $ - $ 25,000 $ 25,000 A budget adjustment in the amount of $25,000 is necessary to establish a project budget for the Time and Materials for the Oakdale Rd and Claratina Ave Tivoli SPA project. Developer funded. AT-121 OPMB 1800 Economic Development /
Strategic Plan Fund 101738 - Oakdale and Claratina SPA AuC - Professional Services Exp $ - $ 17,500 $ 17,500 AT-121 OPMB 1800
Economic Development /
Strategic Plan Fund 101738 - Oakdale and Claratina SPA AuC - Services City Forces - Interfund Exp $ - $ 7,500 $ 7,500 #7..
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adjustments - EXHIBIT B For FY2025/26
AT #
Approved
by CM,
Director
OPMB or
DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/TO Account
Current
Budget
Increase
(Decrease)
Revised
Budget Description
AT-122 OPMB 1800
Economic Development /
Strategic Plan Fund 101739 - Yosemite ANX and Rezone CS-CD Time and Materials Rev $ - $ 25,000 $ 25,000 A budget adjustment in the amount of $25,000 is necessary to establish a project budget for the Time and Materials for the Yosemite Blvd Annexation and Rezone project. Developer funded. AT-122 OPMB 1800 Economic Development /
Strategic Plan Fund 101739 - Yosemite ANX and Rezone AuC - Professional Services Exp $ - $ 17,500 $ 17,500 AT-122 OPMB 1800
Economic Development /
Strategic Plan Fund 101739 - Yosemite ANX and Rezone AuC - Services City Forces - Interfund Exp $ - $ 7,500 $ 7,500 AT-129 OPMB 1800
Economic Development /
Strategic Plan Fund 101742 - Carpenter Kansas Anx
CS-CD Time and Materials for Carpenter
Kansas Rev $ - $ 25,000 $ 25,000 A budget adjustment in the amount of $25,000 is necessary to capture the revenue deposited by the developer and expenses of the time and materials for the Carpenter Kansas Annexation. AT-129 OPMB 1800 Economic Development /
Strategic Plan Fund 101742 - Carpenter Kansas Anx Professional Services Exp $ - $ 17,500 $ 17,500 AT-129 OPMB 1800
Economic Development /
Strategic Plan Fund 101742 - Carpenter Kansas Anx Services City Forces - Interfund Exp $ - $ 7,500 $ 7,500 Total Changes for Fund 1800 $ - $ 150,000 $ 150,000
AT-141 OPMB 1850
Disability Access and Education
Fund
14250 - CED - Disability Access and
Education
CS-CD-AB1379 -State Mandated Fees for
CASP Rev $ 44,000 $ 2,000 $ 46,000 A budget adjustment of $2,000 is necessary to recognize revenue received and to budget offsetting expenses in a like amount.

AT-141 OPMB 1850
Disability Access and Education
Fund
14250 - CED - Disability Access and
Education Training Expenses Exp $ 1,800 $ 2,000 $ 3,800 Total Changes for Fund 1850 $ 45,800 $ 4,000 $ 49,800
AT-133 OPMB 3300 Measure L 101246 - Briggsmore-McHenry to Oakdale CTGY-CIP - Contingency Exp $ 400,323 $ (11,708) $ 388,615 A budget adjustment in the amount of $11,708 is necessary to redistribute budget from CTGY-CIP to EDA to cover overage. Adjustment will allow the project to be closed.

AT-133 OPMB 3300 Measure L 101246 - Briggsmore-McHenry to Oakdale EDA - Eng/Design/Admin Exp $ 375,425 $ 11,708 $ 387,133 AT-134 OPMB 3300 Measure L
101249 - Pelandale Neighborhood Pvmt
Maint CA - Construction Admin Exp $ 196,044 $ (3,546) $ 192,498 A budget adjustment in the amount of $3,546 is necessary to redistribute budget from CA to EDA to cover overage. Adjustment will allow the project to be closed.

AT-134 OPMB 3300 Measure L
101249 - Pelandale Neighborhood Pvmt
Maint EDA - Eng/Design/Admin Exp $ 345,880 $ 3,546 $ 349,426 Total Changes for Fund 3300 $ 1,317,672 $ - $ 1,317,672 AT-140 OPMB 3260 Enterprise Park 1998 CFD
14713 - CED - Enterprise Park 1998 CFD
Annexation, Formation, and Annual
Maintenance Professional Services Exp $ 4,000 $ 2,500 $ 6,500 A budget adjustment of $2,500 is necessary to increase the Professional Services Appropriation C account. The increase in budget will come from fund reserves.

Total Changes for Fund 3260 $ 4,000 $ 2,500 $ 6,500
AT-142 OPMB 3294
Village One #2 CFD 2014 Debt
Fund
14755 - CED - Village One #2 2014 Debt
Service Professional Services Debt Exp $ 1,200 $ 5,000 $ 6,200 A budget adjustment of $5,000 is necessary to increase the Professional Services Debt Appropriation C account. The increase in budget will come from fund reserves.

Total Changes for Fund 3294 $ 1,200 $ 5,000 $ 6,200
AT-131
AT-127
CM
CM
4112
4210
Water PCE Mitigation Site 1
Wastewater
100462 - Water PCE Mitigation Site 1
101740 - O2 Facility @ Thousand Oaks
LS
Professional Services
Total Changes for Fund 4112
AuC - Engineering/Design/Admin
Exp
Exp
$ 4,136,447
$ 4,136,447
$ -
$ 137,102
$ 137,102
$ 50,000
$ 4,273,549
$ 4,273,549
$ 50,000
A budget adjustment is necessary to increase the project budget by $137,102 for ongoing operation and testing for Long-term Soil Vapor Extraction System.

A budget adjustment is necessary in the amount of $50,000 to establish the initial project budget.

Total Changes for Fund 4210 $ - $ 50,000 $ 50,000
AT-139 OPMB 4892 Green Waste Fund 74892 - Transfer Out - Green Waste Fund Transfer Out to Fund 1341 TO $ - $ 2,122 $ 2,122 A budget adjustment is necessary to re-establish the transfer out from the Green Waste Fund to Grant Project 101440 - Cal Fire Urban Forestry Grant to satisfy the Grant's match requirement.

Total Changes for Fund 4892 $ - $ 2,122 $ 2,122
AT-006 OPMB 5120 Mail Services ISF Fund 05030 - CCO - Central Services Mail 45009 - Interfund Charges - Mail Services Rev $ 399,126 $ (202) $ 398,924 A budget adjustment is necessary to re-establish the transfer out from the Green Waste Fund to Grant Project 101440 - Cal Fire Urban Forestry Grant to satisfy the Grant's match requirement.

Total Changes for Fund 5120 $ 399,126 $ (202) $ 398,924 AT-006 OPMB 5310 Insurance Fund 17310 - HR - Risk Management 45013 - Interfund Charges - Premium
Assessments Rev $ 155,248 $ 332 $ 155,580
A budget adjustment is necessary to re-establish the transfer out from the Green Waste Fund to Grant Project 101440 - Cal Fire Urban Forestry Grant to satisfy the Grant's match requirement.

Total Changes for Fund 5310 $ 155,248 $ 332 $ 155,580
AT-006 OPMB 5510 EBF Leave Fund 17145 - HR - EB Leave Usage, City-Wide 45006 - Interfund Charges - EBF Leave
Accural Rev $ 495,499 $ 969 $ 496,468 A budget adjustment is necessary to reconcile ISF accounts with year-end actuals for FY 2026.

AT-006 OPMB 5510 EBF Leave Fund 17145 - HR - EB Leave Usage, City-Wide 45006 - Interfund Charges - EBF Leave
Accural Rev $ 496,468 $ 969 $ 497,437
Total Changes for Fund 5510 $ 991,967 $ 1,938 $ 993,905 AT-006 OPMB 5520 EBF Fund
17160 - HR - Employee Benefits
Administration
45013 - Interfund Charges - Premium
Assessments Rev $ 1,466,379 $ 4,379 $ 1,470,758 A budget adjustment is necessary to reconcile ISF accounts with year-end actuals for FY 2026.

AT-006 OPMB 5520 EBF Fund
17160 - HR - Employee Benefits
Administration
45013 - Interfund Charges - Premium
Assessments Rev $ 1,470,758 $ 4,014 $ 1,474,772
Total Changes for Fund 5520 $ 2,937,137 $ 8,393 $ 2,945,530 AT-143 OPMB 6490 Landscape Assessment District #2
80020 - Landscape Assessment District
#2 Professional Services
Total Changes for Fund 6490
Exp $ 1,000
$ 1,000
$ 10,500
$ 10,500
$ 11,500
$ 11,500
A budget adjustment of $10,500 is necessary to increase the Professional Services Appropriation C account. The increase in budget will come from fund reserves. #7..
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adjustments - EXHIBIT B For FY2026/27
AT #
Approved
by CM,
Director
OPMB or
DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/TO Account
Current
Budget
Increase
(Decrease)
Revised
Budget Description
AT-005 OPMB 0100 General Fund 06010 - AUD - City Auditor 51403 - Budget Only - Salary Adjustment -
Decrease EXP
$ - $ (187,544) $ (187,544) A budget adjustment is necessary to reduce Salaries and benefits by $248,683 and increase Operating by $250,000 to fund the Baker-Tilly annual contract for outside Auditing services for the City. AT-005 OPMB 0100 General Fund 06010 - AUD - City Auditor 51903 - Budget Only - Benefit Adjustment -
Decrease EXP $ - $ (61,139) $ (61,139)
AT-005 OPMB 0100 General Fund 06010 - AUD - City Auditor 53300 - Professional Services EXP $ - $ 250,000 $ 250,000 Total Changes for Fund 0100 $ - $ 1,317 $ 1,317
AT-009 OPMB 1341 Grants - Operation grants Reimb. 101555 - Urban Drought Relief AUC-Rebate EXP $ 800,000 $ (200,000) $ 600,000 This budget adjustment is necessary to pay for the construction contract for Phase 3 of the Turf Reduction Project, approved by Council 6/9/26 via resolution 2026-196.

AT-009 OPMB 1341 Grants - Operation grants Reimb. 101555 - Urban Drought Relief AUC-CON EXP $ 1,999,939 $ 200,000 $ 2,199,939 Total Changes for Fund 1341 $ 2,799,939 $ - $ 2,799,939 AT-008 OPMB 1342 Police Grants Fund 101753 - 26/27 BHRS Party Patrol Grant 42503 - Intergov - Other Misc
Grants/Donation Rev
$ - $ 10,000 $ 10,000
A budget adjustment for $10,000 is needed to program revenue and offsetting expenses for the 2026- 2027 BHRS Party Patrol Grant in the amount of $10,000. This action will establish the budget for the grant which will be used to fund overtime expenses associated with the performance of Party Patrol, Shoulder Tap and Minor Decoy operations in partnership with other Stanislaus County law enforcement agencies to deter youth and adults from hosting underage drinking parties and providing alcohol to minors. AT-008 OPMB 1342 Police Grants Fund 101753 - 26/27 BHRS Party Patrol Grant Police Overtime Exp $ - $ 10,000 $ 10,000
AT-010 OPMB 1342 Police Grants Fund 101754 - 26/27 Cannbis Tax Grant 42199 - State Misc Grants Rev $ - $ 50,000 $ 50,000 A budget adjustments is needed in the amount of $50,000 to create a new project budget for the 101754 FY26/27 CTFGP Law Enforcement Grant. The adjustment will recognize grant revenue and establish the discretiionary expenditure accounts. The Modesto Police Department was awared the grant from the Department of California Highway Patrol per Award# 30919.

AT-010 OPMB 1342 Police Grants Fund 101754 - 26/27 Cannbis Tax Grant 51200 - Police Overtime Exp $ - $ 50,000 $ 50,000
AT-012 OPMB 1342 Police Grants Fund 101626 - 24/25 SLESF 52300 - Tools & Field Supplies less than Cap
Threshold Exp $ 483,241 $ 13,336 $ 496,577 A budget adjustment in the amount of $13,336 is needed to set up the accounting structure to recognize SLESF revenue received and to program offsetting expenses in a like amount AT-012 OPMB 1342 Police Grants Fund 101626 - 24/25 SLESF 48010 - Interest Revenue Rev $ 4,008 $ 13,336 $ 17,344 AT-013 OPMB 1342 Police Grants Fund 101539 - 23/24 SLESF 52300 - Tools & Field Supplies less than Cap
Threshold Exp $ 714,812 $ 17,740 $ 732,552 A budget adjustment in the amount of $17,740 is needed to set up the accounting structure to recognize SLESF revenue received and to program offsetting expenses in a like amount AT-013 OPMB 1342 Police Grants Fund 101539 - 23/24 SLESF 48010 - Interest Revenue Rev $ 38,022 $ 17,740 $ 55,762 Total Changes for Fund 1342 $ 1,240,083 $ 182,152 $ 1,422,235 AT-004 OPMB 4212 Wastewater PCE Mitigation 100668 - WW PCE Mitigation Site 1 Appr Unit C Total Changes for Fund 4212
Exp $ 2,330,724
$ 2,330,724
$ 135,179
$ 135,179
$ 2,465,903
$ 2,465,903
A budget adjustment is needed to increase Project Budget Approved by City Attorney's Office, Tetra Tech Proposal Dated March 17, 2026
#7..
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Exhibit C FY 26/27 Position Allocation Changes
Dept OPN QTY Request Position Current Division
Current
CC#
Division
Moving To
CC# Moving
To
Filled/
Vacant
CCO 0472 1
Reallocate/ Reclass Administrative Office Assistant II to Administrative Office Assistant II- Confidential Administrative Office Assistant II- Confidential CCO. Central Services Mail 05030 CCO.City Clerk's Office 05010 Filled ENG 0143 1 Eliminate Senior Civil/Traffic Engineer Senior Civil/Traffic Engineer ENG.Transportation Engineering and Design 13220 N/A N/A Vacant ENG 0462 1 Move Cost Center City Engineer ENG.Land Development Engineering 13120 ENG.Transportation
Engineering and
Design
13220 Vacant
ENG 1237 1 Move Department and Cost Center from Utilities to Engineering Engineering Division Manager UTL.Capital Improvement Services 42300 ENG.Capital Improvement Services 13401 Vacant
ENG 0391 1 Move Department and Cost Center from Utilities to Engineering Administrative Office Assistant III UTL.Capital Improvement Services 42300 ENG.Capital Improvement Services 13401 Filled
ENG 0438 1 Move Department and Cost Center from Utilities to Engineering Administrative Services Technician UTL.Capital Improvement Services 42300 ENG.Capital Improvement Services 13401 Filled
ENG 0289 1 Move Department and Cost Center from Utilities to Engineering Administrative Analyst I/II UTL.Capital Improvement Services 42300 ENG.Capital Improvement Services 13401 Filled
ENG 0140 1 Move Department and Cost Center from Utilities to Engineering Senior Civil/Traffic Engineer UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0151 1 Move Department and Cost Center from Utilities to Engineering Associate Civil/ Traffic Engineer UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0152 1 Move Department and Cost Center from Utilities to Engineering Associate Civil/ Traffic Engineer UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0223 1 Move Department and Cost Center from Utilities to Engineering Engineering Assistant I/II UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0229 1 Move Department and Cost Center from Utilities to Engineering Engineering Assistant I/II UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0039 1 Move Department and Cost Center from Utilities to Engineering Engineering Project Coordinator UTL.Water Design 42024 ENG.Water Engineering Design 13403 Filled
ENG 0139 1 Move Department and Cost Center from Utilities to Engineering Senior Civil/Traffic Engineer UTL.Wastewater Design 42026 ENG.Wastewater Engineering Design 13402 Vacant
ENG 0153 1 Move Department and Cost Center from Utilities to Engineering Associate Civil/ Traffic Engineer UTL.Wastewater Design 42026 ENG.Wastewater Engineering Design 13402 Filled
ENG 0163 1 Move Department and Cost Center from Utilities to Engineering Associate Civil/ Traffic Engineer UTL.Wastewater Design 42026 ENG.Wastewater Engineering Design 13402 Vacant
ENG 0154 1 Move Department and Cost Center from Utilities to Engineering Associate Engineer UTL.Wastewater Design 42026 ENG.Wastewater Engineering Design 13402 Vacant
ENG 0230 1 Move Department and Cost Center from Utilities to Engineering Engineering Assistant I/II UTL.Wastewater Design 42026 ENG.Wastewater Engineering Design 13402 Filled
UTL 0069 1
Reallocate/ Reclass Utilities Dispatch Supervisor to Water Services Dispatch Supervisor Water Services Dispatch Supervisor UTL.Water Services Administration 45010 N/A N/A Filled #7..
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Exhibit D - Classification Plan Amendments
FY 2026/2027
QTY Dept OPN Position Title Description of Adjustment
Salary Range
Assignment Division Cost Center

1.00 UTL 0069 Water Services Dispatch Supervisor Create new job specification, add to class plan 434 UTL.Water Services Administration 45010 #7..
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CITY OF MODESTO
No. XXXX

WATER SERVICES DISPATCH SUPERVISOR
Class specifications are intended to present a descriptive list of the range of duties performed by employees in the class. Specifications are not intended to reflect all duties performed within the job.

DEFINITION
To plan, organize, direct, and supervise all functions of the Dispatch and Customer Services Unit of the Water Operations Division; and to perform a variety of technical tasks related to assigned area of responsibility.

SUPERVISION RECEIVED AND EXERCISED
Receives general direction from higher level management or department head staff.

Exercises direct and/or supervision over operations and maintenance and administrative support staff.

ESSENTIAL AND MARGINAL FUNCTION STATEMENTS – Essential and other important responsibilities and duties may include, but are not limited to, the following:

Essential Functions:

Recommend and assist in the implementation of goals and objectives; establish schedules and methods for processing and maintaining records and reports; implement policies and procedures.

Perform a wide variety of complex, responsible and confidential duties for the management staff in the Water Operations Division.

Manage Water Division’s daily operations related to water utility billing accounts, ensuring accurate service delivery, and billing processes. Engage directly with field supervisors and customers to evaluate water service issues, resolve billing concerns and address escalated complaints.

Plan, prioritize, assign, supervise, and review the work of the staff in the Dispatch and Customer Services Unit
Plan, manage, and oversee technical projects related to water metering systems, including coordination of installation schedules with field supervisors, staffing, budget planning, inventory management, and mapping.
#7..
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CITY OF MODESTO
Water Services Dispatch Supervisor

Page 2 ends

Manage multiple software systems for Water Division operations and serve as system administrator for the Meter Reading Analytics platform, ensure smooth integration with the Utility Billing system and oversee critical daily meter read operations.

Coordinate with internal teams to support regulatory data needs and ensure accurate reporting for multiple water systems.

Interpret City policies, procedures, laws, and regulations in response to inquiries and complaints; refer inquiries as appropriate to proper departments.

Participate and assist in the administration of the department; prepare comprehensive reports and compile information to be used in special projects and reports.

Participate in water resource studies to support long-term water supply planning and demand management efforts.

Manage, organize, supervise, and review the work of staff engaged in permitting and other administrative duties associated with development services of new water permits for commercial and residential connections, water line and hydrant installations, fire service lines, and pavement replacement.

Develop and manage scheduling plans to coordinate projects with contractors and field construction supervisors.

Participate in recommending the appointment of personnel; provide or coordinate staff training; work with management staff to correct deficiencies; implement discipline procedures; recommend employee terminations.

Assist in budget preparation and implementation; participate in the forecast of additional funds needed for staffing, equipment, materials, and supplies; administer the approved budget.

Assist in the development and implementation of dispatch systems and reporting procedures.

Review, develop, and modify dispatch control methods to improve existing procedures; ensure conformity to policy and increase effectiveness.

Independently respond to letters and general correspondence of a routine nature.

Research, compile, and analyze data for special projects and various reports.

Provide a full range of administrative services to department management staff; perform board, commission, and committee support duties, as assigned. #7..
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CITY OF MODESTO
Water Services Dispatch Supervisor

Page 3 ends

Build and maintain positive working relationships with co-workers, other City employees, and the public using principles of good customer service.

Observe and maintain a safe working environment in compliance with established safety programs and procedures.

Marginal Functions:

Performs related duties as assigned.

MINIMUM QUALIFICATIONS
Knowledge of:

Principles and practices of administrative support activities.

Customer relations practices and techniques.

English usage, spelling, grammar, and punctuation.

Business letter writing and report preparation and technical report writing.

Principles and procedures of record keeping.

Principles and practices of effective employee supervision, including selection, training, work evaluation, and discipline.

Principles and practices of organization and public administration.

Pertinent federal, state, and local laws, codes, and regulations.

Safe work practices and regulations.

Office procedures, methods, and equipment including computers and applicable software applications such as word processing, spreadsheets, and databases.

Ability to:

Organize, implement, and direct administrative support operations and activities.

Interpret and apply federal, state, and local policies, procedures, laws, codes, and regulations.

Develop and recommend policies and procedures related to assigned operations. #7..
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CITY OF MODESTO
Water Services Dispatch Supervisor

Page 4 ends

Perform responsible work involving the use of independent judgement and person initiative.

Understand the organization and operation of the City as necessary to assume assigned responsibilities.

Analyze problems, identify options, project consequences of proposed actions, and recommend changes in policies and procedures.

Compile and maintain complex and extensive records and prepare routine reports.

Work with and control sensitive, confidential information.

Supervise, train, and evaluate assigned staff.

Establish and maintain effective working relationships with those contacted in the course of work.

Communicate clearly and concisely, both orally and in writing.

Operate office equipment including computers and supporting word processing, spreadsheets, and databases.

EXPERIENCE AND TRAINING GUIDELINES
Any combination of experience and training that would likely provide the required knowledge and abilities is qualifying. A typical way to obtain the knowledge and abilities would be:

Experience:

Three years of progressively responsible administrative and analytical experience, involving financial record keeping, customer service, and operation coordination, including one year of direct supervisory responsibility. Previous work experience in a public or private water utility is desirable.

Training:

Equivalent to an associate degree from an accredited college or university with major course work in business management, business administration, finance, accounting or a related field.

License or Certificate:

Possession of, or the ability to obtain, a valid California driver’s license. #7..
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CITY OF MODESTO
Water Services Dispatch Supervisor

Page 5 ends

PHYSICAL AND MENTAL REQUIREMENTS
Mobility: frequent use of keyboard; frequent sitting for long periods of time; occasional bending or squatting. Lifting: frequently up to 10 pounds; occasionally up to 25 pounds. Vision: constant use of overall vision; frequent reading and close-up work; occasional color and depth vision. Dexterity: frequent repetitive motion; frequent writing; frequent grasping, holding, and reaching. Hearing/Talking:
frequent hearing and talking, in person and on the phone.

Emotional/Psychological: frequent decision-making and concentration; frequent public and/or coworker contact; occasional working alone. Environmental: frequent exposure to noise.

WORKING CONDITIONS
Work is performed in a typical temperature-controlled office environment subject to typical office noise and environment. Some positions may be assigned to remote locations. Positions may require occasional overtime or weekend work and travel is rare.

Class Spec History
Adopted 10/26
Revised
BU Mgt/Conf NS
#7..
- 45 -

CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: August 3, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: Funding Agreements with Salvation Army
CONTACT: Edgar Garcia, Community Development Manager
[email protected], 209-577-5211
DESCRIPTION:

Consider approving an Agreement with The Salvation Army to provide operating support for the Emergency Shelter operations in an amount not to exceed $591,000. (Funding Source: Permanent Local Housing Allocation, Cannabis Community Benefit Fund) STRATEGIC PLAN ELEMENT:

The recommended action supports quality of life consistent with the City Council’s 2025- 2026 Strategic Plan Goal C: Develop and implement a comprehensive housing and homelessness action plan.

BACKGROUND:

The Salvation Army Emergency Shelter campus includes nearly 410 beds and serves adults experiencing homelessness, aged 18 and older, by meeting basic daily needs and linking participants to supportive services designed to help them identify a pathway to housing. The shelter also supports nearly 600 individuals daily with food, and critical services such as case management support, and other basic needs.

Since January 2021, the emergency shelter has served 2,575 unduplicated individuals, providing critical shelter, stabilization, and supportive services to individuals experiencing homelessness. Central to these efforts is the Case Management team, which works closely with participants to develop service plans, connect clients to community resources, and support long-term housing stability. Through case management engagement and coordinated support services, 111 individuals have successfully exited the program to permanent housing solutions. These outcomes reflect the ongoing #8..
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City Council, September 22, 2026
Funding Agreements with Salvation Army

Page 2 of 4 ends

commitment to helping individuals overcome barriers, increase self-sufficiency, and achieve stable housing.

Additionally, on November 4, 2020, by Resolution No. 2020-463, the City Council approved the Hemp Operating Agreement for Hemp Manufacturing between the City of Modesto and Canopy Growth USA, LLC, which required the company to provide a fixed community benefit contribution to a non-profit within the City. The agreement outlined a total contribution of $300,000, distributed in three annual payments of $100,000. Canopy Growth, a global cannabis and hemp company, operated an industrial hemp manufacturing facility in Modesto until June 2023, when it sold the facility and ceased local operations. With the company no longer active in the area, the City must identify a charitable organization to receive the second-year community benefit contribution and the City has identified The Salvation Army as a second-year recipient of the community benefit contribution due to significant funding challenges the organization is experiencing and the need to support ongoing operations.

DISCUSSION:

The City’s proposed allocation in the amount of $591,000 includes two funding sources that would support The Salvation Army operations, ensuring continuity of essential services for vulnerable populations. An agreement between The Salvation Army and the City of Modesto would formalize the extension of services and provide a stable funding mechanism to maintain program delivery October 1, 2026 through December 31, 2026.

In addition, this funding would provide critical operational support, including staffing, program administration, and facility-related costs, while intentionally building in additional time for organizational capacity building. This extended three-month timeframe would allow the Salvation Army to maintain service delivery and continue to pursue long-term funding sustainability strategies.

Staff continue to work closely with Stanislaus County and The Salvation Army to develop a coordinated operational plan for services beyond October 1, 2026. Current efforts are focused on maintaining continuity of care and strengthening long-term service delivery through enhanced case management engagement, coordinated outreach, and connection to housing stabilization resources for shelter participants. In parallel, all parties are actively exploring ongoing funding opportunities at the local, state, and federal levels to support continued operations and program sustainability.

Additionally, collaborative efforts are underway to establish and implement CalAIM Community Supports service components that could provide reimbursement pathways for eligible supportive services, including Day Habilitation, Post Hospitalization and Housing Navigation. The development of these Community Supports is intended to create a more sustainable service model while improving access to comprehensive care and long-term housing outcomes for individuals experiencing homelessness. #8..
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City Council, September 22, 2026
Funding Agreements with Salvation Army

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The City has identified Encampment Resolution Funding (ERF) Round 5, as a potential funding source for emergency shelter operations and will submit an application that includes $2.5 million dollars for emergency shelter operations over a two-year period.

Stanislaus County is completing an ERF application as well. Award notifications will be made in October 2026. The City is also working closely with all County agencies to assess other potential funding sources that can help support continued operations.

FISCAL IMPACT:

If approved, Salvation Army would receive a total of $491,000 in PLHA Activity 6 funding, and $100,000 from the Cannabis Program Community Benefit Fund. There will be no impact to the General Fund.

COMMITTEE RECOMMENDATION:

Due to urgent nature of this item, this item is being forwarded directly to Council.

CEQA/NEPA REQUIREMENTS:

This item does not constitute a “project” within the meaning of California Environmental Quality Act (CEQA) Guidelines Section 15378 and requires no environmental review.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution approving an Agreement with The Salvation Army to provide operating support for the Emergency Shelter in an amount not to exceed $591,000, and authorizing the City Manager, or his designee, to execute the Agreement.

Resolution amending the Fiscal Year 2026-2027 annual operating and non-capital project fund budgets to establish a project for The Salvation Army Permanent Local Housing Allocation (PLHA) funding in the amount of $491,000 and budgeting the applicable revenue, expenditures, and transfers.

Resolution amending the Fiscal Year 2026-2027 multi-year fund budget to establish applicable revenue, expense and transfer budgets for the community benefit payment to The Salvation Army to be funded with cannabis community benefit funds in the amount of $100,000 and authorizing the City Manager or his designee, to take the necessary steps to implement the provisions of this Resolution.

Approved by:

Jessica Hill, Director of Community and
Economic Development
Joseph P. Lopez, City Manager
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City Council, September 22, 2026
Funding Agreements with Salvation Army

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Attachments:

1. Resolution

2. Budget Resolution

3. Budget Resolution

4. PLHA Agreement with The Salvation Army

5. Community Benefit Agreement with The Salvation Army

6. Levine Act
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09/22/2026/CED/EGarcia 1 2026-xx

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION APPROVING AN AGREEMENT WITH THE SALVATION ARMY

TO PROVIDE OPERATING SUPPORT FOR THE EMERGENCY SHELTER IN AN AMOUNT NOT TO EXCEED $591,000, AND AUTHORIZING THE CITY

MANAGER, OR HIS DESIGNEE, TO EXECUTE THE AGREEMENT
WHEREAS, the Salvation Army Emergency Shelter campus includes nearly 410 beds and serves adults experiencing homelessness, aged 18 and older, by meeting basic daily needs and linking participants to supportive services designed to help them identify a pathway to housing; and WHEREAS, the shelter also supports nearly 600 individuals daily with food, and critical services such as case management support, and other basic needs; and
WHEREAS, since January 2021, the emergency shelter has served 2,575 unduplicated individuals, providing critical shelter, stabilization, and supportive services to individuals experiencing homelessness; and
WHEREAS, through case management engagement and coordinated support services, 111 individuals have successfully exited the program to permanent housing solutions. These outcomes reflect the ongoing commitment to helping individuals overcome barriers, increase self-sufficiency, and achieve stable housing; and
WHEREAS, on November 4, 2020, the City Council, by Resolution No. 2020-463, approved the Hemp Operating Agreement for Hemp Manufacturing between the City of Modesto and Canopy Growth USA, LLC, which required the #8..
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09/22/2026/CED/EGarcia 2 2026-xx
company to provide a fixed community benefit contribution to a non-profit within the City; and
WHEREAS, the agreement outlined a total contribution of $300,000, distributed in three annual payments of $100,000; and
WHEREAS, Canopy Growth, a global cannabis and hemp company, operated an industrial hemp manufacturing facility in Modesto until June 2023, when it sold the facility and ceased local operations; and WHEREAS, with the company no longer active in the area, the City must now identify a new charitable organization to receive the second-year community benefit contribution; and
WHEREAS, the City has identified The Salvation Army as a second-year recipient of the community benefit contribution due to significant funding challenges the organization is experiencing address and the need to support ongoing operations; and
WHEREAS, the City’s proposed allocation in the amount of $591,000 includes two funding sources that would support The Salvation Army operations, ensuring continuity of essential services for vulnerable populations; and WHEREAS, an agreement between The Salvation Army and the City of Modesto would formalize the extension of services and provide a stable funding mechanism to maintain program delivery through December 2026; and WHEREAS, this funding would provide critical operational support, including staffing, program administration, and facility-related costs, while intentionally building in additional time for organizational capacity building. This #8..
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09/22/2026/CED/EGarcia 3 2026-xx
extended timeframe would allow The Salvation Army to maintain service delivery and continue to pursue long-term funding sustainability strategies; and WHEREAS, current efforts are focused on maintaining continuity of care and strengthening long-term service delivery through enhanced case management engagement, coordinated outreach, and connection to housing stabilization resources for shelter participants; and
WHEREAS, in parallel, all parties are actively exploring ongoing funding opportunities at the local, state, and federal levels to support continued operations and program sustainability; and
WHEREAS, if approved, Salvation Army would receive a total of $491,000 in PLHA Activity 6 funding, and $100,000 from the Cannabis Program Community Benefit Fund.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves an Agreement with the Salvation Army to provide operating support for Emergency Shelter in an amount not to exceed $591,000.

BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to execute the agreement, in a form approved by City Attorney. #8..
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09/22/2026/CED/EGarcia 4 2026-xx
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 22nd day of September, 2026, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:

AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST: ____________________________-
____
DIANE NAYARES-PEREZ, City
Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ____________________________________
JOSE M. SANCHEZ, City Attorney
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9/22/2026/CED/EGarcia/Item x 1 2026-xx

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION AMENDING THE FISCAL YEAR 2026-2027 ANNUAL

OPERATING AND NON-CAPITAL PROJECT FUND BUDGETS TO

ESTABLISH A PROJECT FOR THE SALVATION ARMY PERMANENT LOCAL HOUSING ALLOCATION (PLHA) FUNDING IN THE AMOUNT OF $491,000

AND BUDGETING THE APPLICABLE REVENUE, EXPENDITURES, AND

TRANSFERS
WHEREAS, the Permanent Local Housing Allocation (PLHA) Program was created by California’s 2017 Building Homes and Jobs Act (SB 2), which added a $75 recording fee to certain real estate documents to fund unmet affordable housing needs and increase housing supply; and WHEREAS, funding is distributed through non‑competitive formula grants to entitlement jurisdictions over a five‑year period; and WHEREAS, HCD issued the first PLHA Notice of Funding Availability (NOFA) on February 26, 2020, and the City’s application was awarded on July 14, 2020, for a five‑year estimated award of up to $5,818,482; and WHEREAS, on July 14, 2020, by Resolution No. 2020-318, the City of Modesto adopted the five-year PLHA Plan (The Plan) outlining 1) How allocated funds will be used, 2) How the City will prioritize investments that increase housing for households earning at or below 60 percent of the area median income (AMI), 3) How the Plan aligns with the City’s Housing Element programs, and 4) How any program income from loan repayments will be reused; and WHEREAS, on June 9, 2026, by Resolution No. 2026-213, the City Council approved an amendment to the PLHA Five-Year Plan, and accepted the #8..
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9/22/2026/CED/EGarcia/Item x 2 2026-xx
Year-Five award in the amount of $637,206 for a total PLHA allocation of $5,604,319; and
WHEREAS, as part of this amendment, the City reallocated Activity 1:Multi-Family Rental Housing Development towards Activity 6: Permanent Supportive Housing and Emergency Shelter Activities for a revised Activity 6 total of $837,080; and
WHEREAS, under Activity 6 of the City’s approved PLHA Plan, supporting emergency shelter activities is an eligible expense; and WHEREAS, The Salvation Army, operator of the Emergency Shelter has identified a funding gap for continued operations; and
WHEREAS, the available PLHA funding in Activity 6 in the amount of $491,000 will provide operational support to The Salvation Army through September 2026; and
WHEREAS, the funding allocation of $491,000 is comprised of Year-Four funding in the amount of $128,483.36 (Project #101612), and Year-Five funding in the amount of $362,516.64 (Project #101735); and
WHEREAS, a financial analysis has been completed, and the Fiscal Year 2026-2027 Annual Operating and Non-Capital Project Fund Budget must be amended to budget the necessary revenue, expenditures, and transfers from Fund 1120.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby amends the Fiscal Year 2026-2027 Annual Operating and #8..
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9/22/2026/CED/EGarcia/Item x 3 2026-xx
Non-capital Project Fund Budgets to establish a project and applicable revenue, expenditures, and transfers in the amount of $491,000.

BE IT FURTHER RESOLVED, that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution.

The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 22nd day of September, 2026, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:

AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST: ___________________________
DIANE NAYARES-PEREZ, City
Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ____________________________________
JOSE M. SANCHEZ, City Attorney
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9/22/2026/CED/EGarcia/Item x 1 2026-xx

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-
RESOLUTION AMENDING THE FISCAL YEAR 2026-2027 MULTI-YEAR FUND

BUDGET TO ESTABLISH APPLICABLE REVENUE, EXPENSE AND

TRANSFER BUDGETS FOR THE COMMUNITY BENEFIT PAYMENT TO THE

SALVATION ARMY TO BE FUNDED WITH CANNABIS COMMUNITY BENEFIT FUNDS IN THE AMOUNT OF $100,000 AND AUTHORIZING THE CITY

MANAGER OR HIS DESIGNEE, TO TAKE THE NECESSARY STEPS TO

IMPLEMENT THE PROVISIONS OF THIS RESOLUTION
WHEREAS, on November 4, 2020, the City Council, by Resolution No. 2020-463, approved the Hemp Operating Agreement for Hemp Manufacturing between the City of Modesto and Canopy Growth USA, LLC, which required the company to provide a fixed community benefit contribution to a non-profit within the City; and
WHEREAS, the agreement outlined a total contribution of $300,000, distributed in three annual payments of $100,000; and
WHEREAS, the City has identified The Salvation Army as the second-year recipient of the community benefit contribution; and
WHEREAS, if approved, the City will provide The Salvation Army with a payment of $100,000, and disbursement of the payment is dependent upon Recipient providing all records and documentation reasonably required by the City; and
WHEREAS, if approved, the fiscal year 2026-2027 multi-year fund budget must be amended.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby amends the fiscal year 2026-2027 multi-year fund budget #8..
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9/22/2026/CED/EGarcia/Item x 2 2026-xx
to establish applicable revenue, expense and transfer budgets for the Community Benefit Payment to The Salvation Army to be funded with Cannabis Community Benefit Funds.

BE IT FURTHER RESOLVED that the City Manager or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution.

The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 22nd day of September 2026, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST:
____________________________

DIANE NAYARES-PEREZ,
CMC, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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1 CITY OF MODESTO AGREEMENT

SALVATION ARMY SERVICES AGREEMENT
This Agreement (“Agreement”) is entered into in the City of Modesto, State of California, this ____ day of ____________ 2026 (“Effective Date”) by and between the City of Modesto, a California municipal corporation (“City”), and The Salvation Army, a California Corporation (“Recipient”). The City and The Salvation Army, a California Corporation shall be collectively referred to hereinafter as the “Parties”.

This Agreement is made with regard to the following recitals:

WHEREAS, the City has received funding from the California Department of Housing and Community Development (“HCD”) under the Permanent Local Housing Allocation (“PLHA”) program; and
WHEREAS, the City Council of the City of Modesto previously adopted the City’s fiveyear PLHA Plan. The Plan identifies that the City will use a portion of the PLHA funds to assist persons who are experiencing or at risk of homelessness, including, but not limited to, providing emergency shelters; and
WHEREAS, the City of Modesto has a long-standing partnership with The Salvation Army, a California Corporation to provide services to individuals experiencing homelessness; and
WHEREAS, The Salvation Army, a California Corporation has agreed to carry-out the proposal identified in the grant which includes case management and housing navigation services for individuals experiencing homelessness.

NOW THEREFORE, the City and Recipient agree as follows:

1. Term
A. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue until funds are fully expended.

2. Grant Award
A. The City shall provide the Recipient with a grant of Four Hundred Ninety One Thousand Dollars ($491,000) (the “Grant”) for the purposes and activities further specified in Exhibit A in accordance with the requirements outlined in Exhibit A, attached here to and incorporated by reference (the “Activities”). The Activities shall be provided in a manner consistent with the Housing First practices described in 25 California Code of Regulations Section 8409, subdivision (b)(1)-(6) and in compliance with Welfare and Institutions Code Section 8255(b)(8). #8..
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2 B. Recipient shall expend the Grant solely on the Activities, as specified in Exhibit A, and within the approved budget. The Recipient shall not use the Grant for any other purpose or activity without the prior written consent of the City.

C. The Recipient shall operate within the territorial limits of the City of Modesto and the beneficiaries, if any, of the Activities shall be the residents of the City of Modesto.

3. Recipient’s Obligations
A. Throughout the Term of this Agreement, the Recipient shall obtain and maintain all licenses, permits, qualifications and approvals legally required to conduct business, and the specific Activities required by this Agreement. The Recipient warrants that it has all of the necessary professional capabilities and experience, as well as all tools, instrumentalities, facilities and other resources necessary to perform the Activities specified by this Agreement. Recipient shall perform the Activities required pursuant to this Agreement according to the standards observed by a competent practitioner of the profession in which Recipient is engaged.

B. The Recipient shall provide appropriate acknowledgement of the Grant by using the City’s logo or making a written acknowledgement in its publicity, promotional materials, information materials, press materials, at public occasions relating to the Activities, and on any website maintained by the Recipient.

4. Reporting Requirements
The Recipient shall submit monthly reporting, in accordance with the requirements set forth in Exhibit A, attached hereto and incorporated herein, to the City within thirty (30) days of the end of each invoice period. The annual report shall be in addition to the reporting required by Section 4, and shall include:

A. Summary of activities and accomplishments, mandate and/or mission of the organization;
B. List of Board Directors with title, contact information and mandate term of each Director;
C. Organizational Chart;
D. Project/Program Expenditures-to-date (including receipts); E. Any other information reasonably requested by the City.

5. Audit Requirements
A. In addition to all other reports and records required by this Agreement, the Recipient shall keep and make available proper books of account and records of the financial management of the Grant provided under this agreement, in accordance with generally accepted business and accounting practices. Such records shall include, but not be limited to, records providing a full description and accounting of each activity undertaken.
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3 B. Recipient agrees to keep all necessary books and records required by this Agreement for five (5) years following the end of this Agreement and shall document all transactions so that all expenditures may be properly audited.

C. The Recipient agrees that City or any authorized representative has access to and the right to examine all records, books, papers, or documents related to the project. The Recipient shall allow the City or any authorized representative access to all records, books, papers, or documents related to the project within forty-eight (48) hours of a request to examine.

6. Preservation of Assets
Any assets purchased with the Grant, the cost of which exceed $5,000, shall be preserved by the Recipient, and shall not be sold, leased, given away or otherwise disposed of prior to the end of the useful life of the asset without prior written consent of the City.

7. Termination, Suspension and/or Repayment of Grant
The City may terminate, suspend and/or require repayment of the Grant in the event of any of the following circumstances, after notice from the City and a reasonable opportunity to cure:

A. The Recipient fails to provide the Activities, or any portion of the Activities, described in Exhibit A of this Agreement or substandard performance of the Activities;
B. The Recipient suspends or fails to carry on and continuously conduct its operations, or there is a disruption on the performance of the Activities; C. The Recipient has a partisan political affiliation and/or participates in partisan political activities.

D. The Recipient uses the Grant for a purpose or activity other than those specified in Exhibit A.

E. The Recipient becomes bankrupt or insolvent, goes into receivership or becomes subject to the provisions of any bankruptcy, insolvency, or any other Act for the benefit of creditors, or makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency;
F. The Recipient fails to provide the City with any report, record, or documentation required by this Agreement, or fails to provide any documentation requested by the City in accordance with the terms of this agreement; G. The Recipient has made any material misrepresentation to the City or its representatives with respect to any of the matters contained herein and/or in the Recipient’s funding submission/proposal/application for the Grant, or which have been made or may be made in the future surrounding these matters; H. The Recipient breaches any term of this Agreement, after notice from the City and a reasonable opportunity to cure the breach;

8. Compliance with Applicable Laws
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4 Recipient shall carry out, and cause its contractors, consultants, employees and agents to carry out, the Activities, in compliance all applicable federal, state and local laws, rules, ordinances, orders, and regulations, including without limitation and to the extent applicable, the prevailing wage provisions of the federal Davis-Bacon Act and implementing rules and regulations and state prevailing wages pursuant to Labor Code Section 1770 et seq.

9. Non-Assignment
The Recipient shall not assign this Agreement, the Grant, or any part thereof, without the Prior written consent of the City. Any assignment in violation of this section shall require an immediate repayment of the Grant to City by the Recipient.

10. Indemnity and Liability
A. The Recipient shall indemnify , defend with counsel acceptable to City, and hold harmless the City, its officials, officers, employees, and agents (“Indemnitees”) from and against all liability, loss, cost, expense (including without limitation attorneys’ fees and costs of litigation), claim, demand, action, suit, judicial or administrative proceeding, penalty, deficiency, fine, order, and damage (all of the foregoing collectively “Claims”) which, directly or indirectly, arises out of or relates to this Agreement or the performance of the Activities, except to the extent the Claims arise from the sole negligence or willful misconduct of City.

B. The City shall not be liable to the Recipient or any other party in relation to the Grant and/or the services provided by the Recipient pursuant to the terms of this agreement. The Recipient shall be solely responsible for the payment of any individuals employed, engaged or retained by the Recipient for the purpose of assisting it in the fulfilment of its obligations under this agreement.

11. Insurance
The Recipient shall provide at its own expense and maintain at all times the following insurance with insurance companies licensed in the State of California and shall provide evidence of such insurance to the City as may be required by the Risk Manager of the City. The policies or certificates thereof shall provide that, thirty (30) days prior to cancellation or material change in the policy, notices of same shall be given to the Risk Manager of the City by certified mail, return receipt requested, for all of the following stated insurance policies.

The Recipient shall, as a further express condition precedent to payment for work performed, affirm under penalty of perjury that the required insurance on the project remains in place and said insurance has not been cancelled. (a) Worker's Compensation - in compliance with the statutes of the State of California, plus employer's liability with a minimum limit of liability of $1,000,000.
(b) General Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. This insurance shall indicate on the certificate of insurance the following coverages and indicate the policy aggregate limit applying to: premises and operations; broad form contractual; independent The Recipients and subcontractors; products and completed operations as applicable.
(c) Automobile Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. This insurance shall cover any automobile for bodily injury and property damage.
(d) Professional Liability insurance with a minimum limit of $1,000,000 per claim and policy aggregate. If coverage is on a claims made basis it shall be maintained for at least three (3) years following completion of the work.

If at any time any of said policies shall be unsatisfactory to the City, as to form or substance, or if a company issuing such policy shall be unsatisfactory to the City, the Recipient shall promptly obtain a new policy, submit the same to the Risk Manager for approval and submit a certificate thereof as hereinabove provided. Upon failure of the Recipient to furnish, deliver or maintain such insurance and certificates as above provided, this Agreement, at the election of the City, may be forthwith declared suspended or terminated. Failure of the Recipient to obtain and/or maintain any required insurance shall not relieve the Recipient from any liability under this Agreement, nor shall the insurance requirements be construed to conflict with or otherwise limit the obligations of the Recipient concerning indemnification. The City, its agents, officers, employees, and volunteers shall be named as an additional insured on all insurance policies required herein, except Workers' Compensation and Professional Liability. The Workers' Compensation insurer shall agree to waive all rights of subrogation against the City, its agents, officers, employees, and volunteers for losses arising from work performed by The Recipient for the City. The Recipient's insurance policy(ies) shall include a provision that the coverage is primary as respects the City; shall include no special limitations to coverage provided to additional insured; and, shall #8..
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6 be placed with insurer(s) with acceptable Best's rating of A:VII or with approval of the Risk Manager. The Recipient must deliver certificates evidencing existence of the insurance listed above to the City prior to the time the contract is signed.

The Recipient shall provide City with separate endorsements evidencing proof of the CITY’s additional insured status as to both the general liability and automobile liability insurance policies. In addition, the Recipient shall provide City with a Workers Compensation subrogation waiver by way of a separate endorsement. All endorsements referenced above must include the applicable policy number.

For any claims related to this project, the Recipient’s insurance coverage shall be primary insurance as respects the Entity, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the Entity, its officers, officials, employees, or volunteers shall be excess of Recipient ‘s insurance and shall not contribute with it.

12. Non-Discrimination
Recipient shall not unlawfully discriminate, on the basis of a person’s race, religion, color, national origin, age, physical or mental handicap or disability, medical condition, marital status, sex, or sexual orientation, against any employee, applicant for employment, subcontractor, bidder for a subcontract, or participant in, Recipient of, or applicant for any services or programs provided by Recipient under this Agreement.

Recipient shall comply with all applicable federal, state, and local laws, policies, rules, and requirements related to equal opportunity and nondiscrimination in employment, contracting, and the provision of any services that are the subject of this Recipient, including but not limited to the satisfaction of any positive obligations required of Recipient thereby.

13. NOTIFICATION
Any notice, communication, amendment, addition or deletion to this Agreement, including change of address of either Party during the term of this Agreement, which Recipient or City shall be required or may desire to make shall be in writing and may be personally served or, alternately, sent by prepaid first-class mail to the respective Parties as follows:

To City:

City of Modesto
Attn: Edgar R. Garcia, Community Development Manger
1010 10th Street
Modesto, CA 95353
To Recipient:

The Salvation Army a California Corporation
30840 Hawthorne Blvd.

Rancho Palo Verdes, CA 90275
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7 14. SEVERABILITY
If any portion of this Agreement or application thereof to any person or circumstance shall be declared invalid by a court of competent jurisdiction or if it is found in contravention of any federal, state or City statute, ordinance or regulation; the remaining provisions of this Agreement or the application thereof shall not be invalidated thereby and shall remain in full force and effect to the extent that the provisions of this Agreement are severable.

15. DISPUTE RESOLUTION
All venue for any claims, controversies, or disputes arising out of, or relating to the formation of this Agreement, or the breach, termination execution, enforcement, interpretation, or validity of this Agreement, including the determination of the scope or applicability of this contract provision shall be in the Stanislaus County Superior Court.

16. INDEPENDENT PARTIES
Nothing in this Agreement is intended to or shall establish the Parties as partners, coventurers, or principal and agent with one another. At all times during the term of this Agreement, Recipient and City shall be independent parties, and Recipient shall not be an employee of the City. Except as the Recipient may specify in writing, Recipient shall have no authority, express or implied, to act on behalf of City in any capacity whatsoever as an agent. Recipient shall have no authority, express or implied, pursuant to this Agreement to bind City to any obligation whatsoever. At all times during the term of this Agreement, Recipient and

17. ENTIRE AGREEMENT
This Agreement, including the exhibits attached hereto, represents the entire and integrated agreement between City and Recipient and supersedes all prior negotiations, representations, or agreements, either written or oral. No amendment of any of the terms or provisions of the Agreement shall be deemed valid unless it is in writing and signed by both Parties.

18. GENERAL PROVISIONS
A. Binding Agreement. This agreement shall be binding on and inure to the benefit of the City, the Recipient and their respective successors and assigns. Nothing contained in this Agreement is intended to or shall be deemed to confer upon any person, other than the Parties and their respective successors and assigns, any rights or remedies hereunder.

B. Severability. Any provision of this agreement, which is or becomes prohibited or unenforceable in any jurisdiction, shall not invalidate or impair the remaining provisions of this agreement which shall be deemed severable from the prohibited or unenforceable provision and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable that provision in any other jurisdiction.
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8 C. Waiver. The fact that the City refrains from exercising a remedy it is entitled to exercise under this agreement shall not be considered to be a waiver of such right and, furthermore, partial or limited exercise of a right conferred upon the City shall not prevent the City in any way from later exercising any other right or remedy under this agreement or other applicable law. No waiver of any breach of any covenant or provision of this Agreement shall be deemed a waiver of any other covenant or provision hereof, and no waiver shall be valid unless in writing and executed by the waiving Party
D. Business License. The Recipient will have a valid City of Modesto Business License. in
E. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, excluding chose of law rules.

F. Construction of Agreement. The section headings and captions used herein are solely for convenience and shall not be used to interpret this Agreement. The Parties acknowledge that this Agreement is the product of negotiation and compromise on the part of both Parties, and the Parties agree, that since all of the Parties have participated in the negotiation and drafting of this Agreement, this Agreement shall not be construed as if prepared by one of the Parties, but rather according to its fair meaning as a whole, as if all Parties had prepared it.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the effective date set forth above.
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9 EXHIBIT A
Scope of Work
The proposed funding will help improve service delivery, outcomes and exits to permanent housing. The funding allocation for the Salvation Army is in the amount of $491,000, and The Salvation Army shall adhere to all requirements set forth in Exhibit A.

The Salvation Army Emergency Shelter is one of the largest emergency shelters in the City of Modesto. The Salvation Army Emergency Shelter is a 221-bed emergency shelter, is intended to provide services for the basic needs of adult participants experiencing homelessness, aged 18 and older, while providing connection to supportive services that focus primarily on helping residents identify a pathway to housing. The role of the Emergency Shelter in the City of Modesto’s homeless response system is to provide safe shelter for individuals experiencing homelessness, allowing them the opportunity to stabilize as they secure housing.

Shelter services include, but are not limited to, the following:

1. Provide services that are culturally-competent, person-centered, and rooted in evidence based practices.

2. Collaborate and partner with the community in the local planning process of the homeless response system including but not limited to:

A. Collaborate and work closely with City and County landlords and homeowners to locate appropriate housing options for participants.

B. Collaborate with public and private stakeholders to secure necessary funding to maintain the full operation of the shelter.

C. Collaborate with Stanislaus County Department of Behavioral Health and Recovery Services (BHRS), Stanislaus County Community Services Agency (CSA), Stanislaus County Department of Workforce Development, Stanislaus County Department of Public Health, Stanislaus Community System of Care (CSOC), and City of Modesto staff to ensure all relevant resources are being leveraged for the residents of the shelter. a. Work with these Departments to facilitate a plan to ensure mainstream benefits are being accessed by eligible participants.

D. Enroll clients in the Homeless Management Information System Software E. Provide case management and housing navigation services and referrals including assistance in obtaining permanent housing, medical health treatment, mental health treatment, counseling, supervision, and other services essential for achieving independent living.
a. Identify potential housing barriers and develop goals with the participant to overcome these housing barriers.

F. For the term of this agreement, the Salvation Army shall maintain operating hours during the day (at minimum from 9 am to 5 pm) seven (7) days per week to provide #8..
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10 case management and meal services to clients from the shelter and to those who are not shelter clients.

G. Provide case management and housing navigation services to each participant with the goal of securing permanent housing which include but are not limited to:
b. Meet with each participant regularly to follow up on housing plan and established goals; and
c. Continue to work on clients housing plan and discussions with other services providers and/or landlords/homeowners to obtain best fit for permanent housing.
d. Salvation Army shall strive to maintain placement for emergency shelter clients within a 12-month period for clients.

H. Utilize community resources and tools for participants who would benefit from life skills training, job training, and skills development which should be identified through case management discussions and housing plan.

I. Refer participants to supportive service providers and Coordinated Entry System (CES), as needed.

3. Homeless Management Information System (HMIS)
A. Enter client information in HMIS in accordance with the terms set forth here and in Exhibit B.

B. All HMIS data needs to be entered into the database to ensure accuracy, security, and collaboration.

4. Data Reporting and Requirements in accordance with the below and Exhibit B.

A. Provide monthly reports detailing the following information, as well as additional information reasonably requested by the City:
a. Number of participants served (duplicated and unduplicated numbers); b. Participant program exit outcomes;
c. Service referrals made by type;
d. Number of participants housed by type;
e. Per day count of number of participants;
f. Narrative on program operations including staff to participant ratios and g. If number of participants has decreased from prior report, include a narrative on the analysis of reduced services provided.
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COMMUNITY BENEFIT AGREEMENT
Between

CITY OF MODESTO

AND THE SALVATION ARMY
This Modesto Community Benefit Agreement (“Agreement”) is entered into in the City of Modesto, State of California, this ____ day of _________________ 2026 (“Effective Date”) by and between the City of Modesto, a California municipal corporation (“City”) and The Salvation Army (“Recipient”). The City and The Salvation Army shall be collectively referred to hereinafter as the “Parties”.

This Agreement is made with regard to the following recitals:

WHEREAS, the City entered into a Hemp Operating Agreement with Canopy Growth USA, LLC (“Canopy”) and;
WHEREAS, on November 04, 2020, by Resolution No. 2020-463, Council approved the Hemp Operating Agreement between The City and Canopy (“Operating Agreement”); and WHEREAS, Section 6.1 of the Operating Agreement - Community Benefits states the Canopy shall pay City a Community Benefit Fee as defined in Exhibit A, Community Benefit Terms of the Operating Agreement; and
WHEREAS, Exhibit A, Community Benefit Terms – Fixed Community Benefit, requires Canopy to provide an annual Fixed Community Benefit of One Hundred Thousand Dollars ($100,000) to a single or multiple charitable organization within the City of Modesto; and
WHEREAS, the charitable organization(s) shall be selected by the City; and WHEREAS, the City has selected the receiving charitable organization to be The Salvation Army; and
WHEREAS, Canopy has deposited the amount of the required Fixed Community Benefit with the City; and
WHEREAS, the City and Recipient desire to enter into this Agreement to establish the terms and conditions of Recipient’s acceptance and use of the Fixed Community Benefit Fee.

NOW THEREFORE, the City and Recipient agree as follows:

1. Purpose
The purpose of this Agreement is to memorialize the terms and conditions of the Recipient’s receipt of the fixed Community Benefit of One Hundred Thousand Dollars ($100,000).

2. Term
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The term of this Agreement (the “Term”) shall commence upon the Effective Date and shall terminate upon the Recipient’s completion of all requirements of this Agreement.

3. Fixed Community Benefit Payment
A. The City shall provide Recipient with a payment of One Hundred Thousand Dollars ($100,000) (“Fixed Community Benefit”). Disbursement of the Fixed Community Benefit is dependent upon Recipient providing all records and documentation reasonably required by the City. The Recipient shall use the Fixed Community Benefit to support emergency shelter operations for individuals experiencing, as further descripted in homelessness Exhibit A, attached hereto and incorporated herein (the “Activities”).

B. The Recipient shall operate within the territorial limits of the City of Modesto and the beneficiaries, if any, of the Activities shall be the residents of the City of Modesto.

4. Recipient’s Obligations
A. Throughout the Term of this Agreement, the Recipient shall obtain and maintain all licenses, permits, qualifications and approvals legally required to conduct business.

The Recipient warrants that it has all of the necessary professional capabilities and experience, as well as all tools, instrumentalities, facilities and other resources necessary to perform the Activities specified by this Agreement. Recipient shall perform the Activities required pursuant to this Agreement according to the standards observed by a competent practitioner of the profession in which Recipient is engaged.

B. The Recipient shall provide appropriate acknowledgement of the Fixed Community Benefit by using the City’s logo or making a written acknowledgement in its publicity, promotional materials, information materials, press materials, at public occasions relating to the Activities, and on any website maintained by the Recipient.

5. Reporting Requirements
Recipient shall submit quarterly reports to the City on such other form as required by the City. Recipient shall also submit an overall Annual Report of documenting the use of funds.

6. Audit Requirements
A. In addition to all other reports and records required by this Agreement, the Recipient shall keep and make available proper books of account and records of the financial management of the Community benefit provided under this agreement, in accordance with generally accepted business and accounting practices. Such records shall include, but not be limited to, records providing a full description and accounting of each activity undertaken.

B. Recipient agrees to keep all necessary books and records required by this Agreement for three (3) years following the end of this Agreement, and shall document all transactions so that all expenditures may be properly audited.

C. Recipient agrees that City or any authorized representative has access to and the right to examine all records, books, papers, or documents related to the project. #8..
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Recipient shall allow the City or any authorized representative access to all records, books, papers, or documents related to the project.

7. Termination.

This MOU may also be terminated in advance of its expiration date:

A. If all of the Parties agree to terminate the agreement in writing; or B. If:
i. A performing Party notifies the non-performing Party of its failure to perform in writing and provides a reasonable opportunity to cure (not to exceed 30 days), and
ii. The non-performing Party fails to cure within the designated cure period.

This Agreement shall terminate automatically on the occurrence of (a) bankruptcy or insolvency of either party, (b) cancellation of insurance required under the terms of this Agreement, and (c) if The Salvation Army fails to remedy such defect or defects within thirty (30) days of receipt of notice of such defect or defects

8. Compliance with Applicable Laws
Recipient shall carry out, and cause its contractors, consultants, employees and agents to carry out, the Activities, in compliance all applicable federal, state and local laws, rules, ordinances, orders, and regulations, including without limitation and to the extent applicable, the state prevailing wage laws pursuant to Labor Code Section 1770 et seq.

9. Non-Assignment
The Recipient shall not transfer or assign this Agreement, the Fixed Community Benefit, or any part thereof, without the Prior written consent of the City. Any assignment in violation of this section shall require an immediate repayment of the Fixed Community Benefit to City by the Recipient.

10. Indemnity and Liability
A. The Recipient shall indemnify, defend with counsel acceptable to City, and hold harmless the City, its officials, officers, employees, and agents (“Indemnitees”) from and against all liability, loss, cost, expense (including without limitation attorneys’ fees and costs of litigation), claim, demand, action, suit, judicial or administrative proceeding, penalty, deficiency, fine, order, and damage (all of the foregoing collectively “Claims”) which, directly or indirectly, arises out of or relates to this Agreement, the use of the Fixed Community Benefit, or the performance of the Activities, except to the extent the Claims are caused by the sole negligence or willful misconduct of City.

B. The City shall not be liable to the Recipient or any other party in relation to the Community benefit and/or the services provided by the Recipient pursuant to the terms of this agreement. The Recipient shall be solely responsible for the payment of any individuals employed, engaged or retained by the Recipient for the purpose of assisting it in the fulfilment of its obligations under this agreement. #8..
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In the event the certificates of insurance required hereunder do not provide for notice of cancellation to the certificate holder and/or additional insureds, the Recipient shall provide, and shall require its subcontractors to provide, as an express condition precedent to payment hereunder, an endorsement from their insurers providing that the additional insureds identified herein shall be provided 30 days’ notice of the cancellation on the policies of insurance required hereunder (10 days’ notice if the policies are cancelled for non-payment of premium). In addition, the named insured on all such policies shall provide to the additional insureds identified herein any notices of cancellation of said insurance policies within 5 business days of receipt of such notice. The Recipient shall, as a further express condition precedent to payment for work performed, affirm under penalty of perjury that the required insurance on the project remains in place and said insurance has not been cancelled.
(a) Worker's Compensation - in compliance with the statutes of the State of California, plus employer's liability with a minimum limit of liability of $1,000,000.
(b) General Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. This insurance shall indicate on the certificate of insurance the following coverages and indicate the policy aggregate limit applying to: premises and operations; broad form contractual; independent The Recipients and subcontractors; products and completed operations as applicable.
(c) Automobile Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. This insurance shall cover any automobile for bodily injury and property damage.
(d) Professional Liability insurance with a minimum limit of $1,000,000 per claim and policy aggregate. If coverage is on a claims made basis it shall be maintained for at least three (3) years following completion of the work.

If at any time any of said policies shall be unsatisfactory to the City, as to form or substance, or if a company issuing such policy shall be unsatisfactory to the City, the Recipient shall promptly obtain a new policy, submit the same to the Risk Manager for #8..
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approval and submit a certificate thereof as hereinabove provided. Upon failure of the Recipient to furnish, deliver or maintain such insurance and certificates as above provided, this Agreement, at the election of the City, may be forthwith declared suspended or terminated. Failure of the Recipient to obtain and/or maintain any required insurance shall not relieve the Recipient from any liability under this Agreement, nor shall the insurance requirements be construed to conflict with or otherwise limit the obligations of the Recipient concerning indemnification. The City, its agents, officers, employees, and volunteers shall be named as an additional insured on all insurance policies required herein, except Workers' Compensation and Professional Liability. The Workers' Compensation insurer shall agree to waive all rights of subrogation against the City, its agents, officers, employees, and volunteers for losses arising from work performed by The Recipient for the City. The Recipient's insurance policy(ies) shall include a provision that the coverage is primary as respects the City; shall include no special limitations to coverage provided to additional insured; and, shall be placed with insurer(s) with acceptable Best's rating of A:VII or with approval of the Risk Manager.

The Recipient must deliver certificates evidencing existence of the insurance listed above to the City prior to the time the contract is signed.

The Recipient shall provide City with separate endorsements evidencing proof of the City’s additional insured status as to both the general liability and automobile liability insurance policies. In addition, the Recipient shall provide City with a Workers Compensation subrogation waiver by way of a separate endorsement. All endorsements referenced above must include the applicable policy number.

For any claims related to this project, the Recipient’s insurance coverage shall be primary insurance as respects the City, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City, its officers, officials, employees, or volunteers shall be excess of the Recipient’s insurance and shall not contribute with it.

12. Non-Discrimination
Recipient shall not discriminate, on the basis of a person’s race, religion, color, national origin, age, physical or mental handicap or disability, medical condition, marital status, sex, sexual orientation, or any other basis prohibited by state or federal law against any employee, applicant for employment, subcontractor, bidder for a subcontract, or participant in, recipient of, or applicant for any services or programs provided by Recipient under this Agreement. Recipient shall comply with all applicable federal, state, and local laws, policies, rules, and requirements related to equal opportunity and nondiscrimination in employment, contracting, and the provision of any services that are the subject of this Recipient, including but not limited to the satisfaction of any positive obligations required of Recipient thereby.

13. NOTIFICATION
Any notice, communication, amendment, addition or deletion to this Agreement, including change of address of any of the Parties during the term of this Agreement, which Recipient or City shall be required or may desire to make shall be in writing and #8..
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may be personally served or, alternately, sent by prepaid first-class mail to the respective Parties as follows:

To City:

City of Modesto
Attn: Edgar Garcia
P.O. Box 642
Modesto, CA 95353
To Recipient:

The Salvation Army a California Corporation
30840 Hawthorne Blvd.

Rancho Palo Verdes, CA 90275

14. SEVERABILITY
If any portion of this Agreement or application thereof to any person or circumstance shall be declared invalid by a court of competent jurisdiction or if it is found in contravention of any federal, state or City statute, ordinance or regulation; the remaining provisions of this Agreement or the application thereof shall not be invalidated thereby and shall remain in full force and effect to the extent that the provisions of this Agreement are severable.

15. DISPUTE RESOLUTION
All claims, controversies, or disputes arising out of, or relating to the formation of this Agreement, or the breach, termination execution, enforcement, interpretation, or validity of this Agreement, including the determination of the scope or applicability of this contract provision shall be determined by binding arbitration in Modesto, California by one arbitrator, except as otherwise specified in this Agreement. The American Arbitration Association shall administer the arbitration under its Arbitration Rules then in effect, subject to the modifications of those rules contained in this paragraph. This agreement to arbitrate shall be specifically enforceable under the prevailing law of any court having jurisdiction, and the award rendered by the arbitrator may be entered in any court having jurisdiction. The appropriate venue for any arbitration or court proceeding relating to or arising out of this provision shall be in Stanislaus County, California.

This paragraph is not intended to and does not waive the claim filing requirements found in California Government Code section 900 et seq. In the event that a timely and legally sufficient, arbitrable claim is filed by the Recipient with City, and the claim is rejected in whole or in part by City, this paragraph shall result in the conclusive, final, and binding resolution of all the issues presented in the claim by The Recipient so long as any issues presented by the claim are arbitrable. Claims rejected by City or by operation of law, shall be submitted by the Recipient to arbitration pursuant to the Arbitration Rules of the American Arbitration Association within ninety (90) days after mailing of the written #8..
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rejection by City to the Recipient. Otherwise, the claim or claims shall be deemed waived in their entirety.

The “fast track’ rules of the American Arbitration Association shall apply to any claim or counterclaim less than ONE HUNDRED FIFTY THOUSAND AND 00/100 ($150,000.00) DOLLARS. In arbitration not proceeding under the “fast track” rules, the arbitrator shall have the power to order that depositions be taken and other discovery be made. City and the Recipient shall have the right, upon written notice, to take no more than three (3) depositions of the other as a matter of right in an arbitration proceeding under the “fast track” rules.

Whether or not City and the Recipient may be engaged in interstate commerce, any controversy or dispute mentioned above shall be determined by, and the parties shall be bound by, the substantive law of the State of California, and not the Federal Arbitration Act at 9 USC Section 1 et seq.

The arbitrator may grant any remedy or relief deemed by the arbitrator just and equitable under the circumstances, whether or not such relief could be awarded in a court of law.

The arbitrator shall be empowered to award monetary sanctions against a party for failure of cooperation in the arbitration. The arbitrator shall, in written award, allocate all the costs of the arbitration, including the fees of the arbitrator and the reasonable attorney fees of the prevailing party, against the party who did not prevail. The prevailing party shall be the party in whose favor the majority of the central issues in the case are resolved.

Notwithstanding anything in this provision to the contrary, the arbitrator shall have no power to award punitive damages or other damages not measured by the party’s actual damages (excluding litigation costs and fees) against any party. This limitation of the arbitrator’s powers under this Agreement shall not operate as an exclusion of the issue of punitive damages from this Agreement to Arbitrate sufficient to vest jurisdiction in a court with respect to that issue.

The Recipient shall include in all subcontracts a specification whereby the subcontractor consents to being joined in an arbitration between City and Recipient involving the work of the subcontractor to be joined. The Recipient’s failure to do so shall be a breach of this Agreement.

The parties hereby waive any rights provided by Title 9.2 of the California Code of Civil Procedure, Section 1296. The arbitrator’s award shall be deemed final, conclusive and binding to the fullest extent allowed by California law.

16. INDEPENDENT PARTIES
Nothing in this Agreement is intended to or shall establish the Parties as partners, coventurers, or principal and agent with one another. At all times during the term of this Agreement, Recipient and City shall be independent parties, and Recipient shall not be an employee of the City. Except as Recipient may specify in writing, Recipient shall have no #8..
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authority, express or implied, to act on behalf of City in any capacity whatsoever as an agent. Recipient shall have no authority, express or implied, pursuant to this Agreement to bind City to any obligation whatsoever.

17. ENTIRE AGREEMENT
This Agreement, including the exhibits attached hereto, represents the entire and integrated agreement between City and Recipient ant and supersedes all prior negotiations, representations, or agreements, either written or oral. No amendment of any of the terms or provisions of the Agreement shall be deemed valid unless it is in writing and signed by both Parties.

18. GENERAL PROVISIONS
A. Binding Agreement. This agreement shall be binding on and inure to the benefit of the City, Recipient and their respective successors and assigns. Nothing contained in this Agreement is intended to or shall be deemed to confer upon any person, other than the Parties and their respective successors and assigns, any rights or remedies hereunder.

C. Waiver. The fact that the City refrains from exercising a remedy it is entitled to exercise under this agreement shall not be considered to be a waiver of such right and, furthermore, partial or limited exercise of a right conferred upon the City shall not prevent the City in any way from later exercising any other right or remedy under this agreement or other applicable law. No waiver of any breach of any covenant or provision of this Agreement shall be deemed a waiver of any other covenant or provision hereof, and no waiver shall be valid unless in writing and executed by the waiving Party
D. Business License. Recipient will have a valid City of Modesto Business License.

E. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, excluding chose of law rules.

G. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which taken together shall constitute one instrument. The persons executing this Agreement on behalf of Parties have been duly authorized to do so.
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IN WITNESS WHEREOF, the Parties have executed this MOU as of the effective date set forth above.
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EXHIBIT A
Scope of Work
The proposed funding will help improve service delivery, outcomes and exits to permanent housing. The funding allocation for the Salvation Army is in the amount of $100,000, and The Salvation Army shall adhere to all requirements set forth in Exhibit A.

The Salvation Army is one of the largest emergency shelters in the City of Modesto. The Salvation Army intended to provide services for the basic needs of adult participants experiencing homelessness, aged 18 and older, while providing connections to supportive services that focus primarily on helping residents identify a pathway to housing. The role of The Salvation Army in the City of Modesto’s homeless response system is to provide safe shelter for individuals experiencing homelessness, allowing them the opportunity to stabilize as they secure housing.

Shelter services include, but are not limited to, the following:

1. Provide services that are culturally competent, person-centered, and rooted in evidencebased practices.

2. Collaborate and partner with the community in the local planning process of the homeless response system including but not limited to:

A. Collaborate and work closely with City and County landlords and homeowners to locate appropriate housing options for participants.

B. Collaborate with public and private stakeholders to secure necessary funding to maintain the full operation of the shelter.

F. For the term of this agreement, the Salvation Army shall maintain operating hours during the day (at minimum from 9 am to 5 pm) seven (7) days per week to provide case management and meal services to clients from the shelter and to those who are not shelter clients.

G. Provide case management and housing navigation services to each participant with the goal of securing permanent housing which include but are not limited to:
b. Meet with each participant regularly to follow up on housing plan and established goals; and
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c. Continue to work on clients housing plan and discussions with other services providers and/or landlords/homeowners to obtain best fit for permanent housing.
d. Salvation Army shall strive to maintain placement for emergency shelter clients within a 12-month period for clients.

I. Refer participants to supportive service providers and Coordinated Entry System (CES), as needed.

3. Homeless Management Information System (HMIS)
A. Enter client information in HMIS in accordance with the terms set forth here and in Exhibit B.

B. All HMIS data needs to be entered into the database to ensure accuracy, security, and collaboration.

4. Data Reporting and Requirements in accordance with the below and Exhibit B.

CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: September 2, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services / City Engineer SUBJECT: Final Maps and Subdivision Improvement Agreements for Martin Tivoli Phase 1 and 2
CONTACT: Jaspreet Mangat, Senior Civil Engineer, [email protected] 209-577-5253
DESCRIPTION:

Consider approving the Final Maps and Subdivision Improvement Agreements (SIA), with SB Builders LLC, a California Limited Liability Company, for the Martin Tivoli Phase 1 and Phase 2 Subdivision, encompassing approximately 19.94 acres located roughly 300 feet south of Merle Avenue, east of Oakdale Road identified as APN 083-004-057. (Funding:

Developer Fees)
STRATEGIC PLAN ELEMENT:

The recommended action supports the City’s 2025-2026 Strategic Plan Goal D, ensure safe, efficient, and reliable infrastructure.

BACKGROUND:

The 454-acre Tivoli Specific Plan was adopted by the City Council on February 26, 2008, by Ordinance No. 3479-C.S. Tivoli Specific Plan (TSP) provides for uses including commercial, school, parks, and residential development of a variety of densities as outlined by the land use diagram and development standards of the Specific Plan.

On May 28, 2024, NRB Investments, LLC submitted a multi-part application to implement the development of the Martin Property, a 19.94-acre portion of the TSP Area No. 2, generally located east of Oakdale Road, approximately 300 feet south of Mable Avenue, known as Assessor’s Parcel Number (APN) 083-004-057 into 186 single-family lots. #9..
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City Council, September 22, 2026
Final Maps and Subdivision Improvement Agreements for Martin Tivoli Phase 1 and 2

Page 2 of 4 ends

On April 7, 2025, the City of Modesto Planning Commission approved Resolution No. 2025-13 which approved the Tentative Subdivision Map (TSM 24-005) to facilitate 186 single-family residential lots, nine (9) landscape areas, private dual use park/basin areas, and right-of-way dedication on Oakdale Road.

This development will be a private community with public water and sewer utilities.

On October 14, 2025, following a public hearing and special election, City Council approved (resolution 2025-362) the annexation of additional territory of Martin Tivoli Subdivision, to City of Modesto Community Facilities District No. 2024-1 (Tivoli).

The current owner of Martin Tivoli, SB Builders LLC, a California Limited Liability Company, has requested the Council to approve the Martin Tivoli Phase 1 and 2 Final Subdivision Maps and Subdivision Improvement agreements contains 19.94 acres, 186 residential lots, nine (9) landscape areas, private park/basin and approximately 0.48 acres offered for right-of-way dedication and is subject to be recorded with Stanislaus County.

DISCUSSION:

The public improvements for this project have not been completed. As required by Section 66462 of the California Subdivision Map Act and Section 4-4.605 of the Modesto Municipal Code, the owner, SB Builders LLC, a California Limited Liability Company has executed Subdivision Improvement Agreements specifying that all improvements will be completed within 24 months from the date of Final Map recordation. The Subdivision Improvement Agreement requires the owner to furnish and supply the City with a payment bond and performance bond which provide security for completion of the public improvements.

The Final Map has been checked and certified by the Secretary of the Planning Commission, City Surveyor and the City Engineer and must be approved by Council prior to transmitting the map to the County Recorder.

Pursuant to the Subdivision Map Act, Section 66440, the Final Map contains a certificate for execution by the City Clerk Certifying that the Council approved the map and accepted, on behalf of the public, any real property offered for dedication for public use and in conformity with the terms of the offer of dedication.

When the public improvements required by the Subdivision Improvement Agreement have been completed and approved by staff, a notice of completion will be presented to Council which accepts the public improvements. As required by the Subdivision Improvement Agreement, the owner will file a warranty bond guaranteeing the work for one year after Council accepts the improvements.

FISCAL IMPACT:

All Map check fees for the map will be collected prior to recordation. #9..
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City Council, September 22, 2026
Final Maps and Subdivision Improvement Agreements for Martin Tivoli Phase 1 and 2

Page 3 of 4 ends

The Faithful Performance and Payment securities as required by the Modesto Municipal Code Section 4-4.605 will be in place with the City Clerk’s Office:
• A Faithful Performance security is required to secure faithful performance of the improvements. This security is required in an amount of 100% of the estimated cost of improvements to be performed.
• A Payment security is required to ensure the payment of the contractor, his/her subcontractors and to persons renting equipment or furnishing labor or materials to them for said improvements. This security is required in an amount of 50% of the estimated cost of improvements to be performed.
• A Warranty security is required to guarantee and warrant subdivision improvements for a period of one (1) year following completion and acceptance thereof against any defective work done, or defective materials furnished. This security is required prior to approval of the improvements in an amount of 10% of the estimated cost of improvements to be performed.

The City Engineer has determined that the required security is sufficient to cover the cost of said improvements, engineering, inspection, fees and incidental expenses. The securities on file with the City Clerk’s Office are based on the Engineer’s Estimates of $1,453,757.95 for Phase 1 and $479,432.91 for Phase 2, representing the total value of all improvements to be constructed for the Martin Tivoli project.

COMMITTEE RECOMMENDATION:

This item did not go to Committee, as it is common practice that Final Maps, which are certified by the Secretary of the Planning Commission, do not go before a Council Committee.

CEQA/NEPA REQUIREMENTS:

This action is exempt from CEQA under Section 15268(b)(3), which exempts ministerial actions.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution approving the Final Maps for Martin Tivoli Phase 1 and 2, approving the Subdivision Improvement Agreements and authorizing the City Manager, or his designee, to execute the Subdivision Improvement Agreements with SB Builders LLC, a California Limited Liability Company and authorizing the City Clerk to certify the Final Maps and record with the Stanislaus County Recorder’s Office.

Approved by:

Toby Wells, Director of Engineering
Services / City Engineer
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City Council, September 22, 2026
Final Maps and Subdivision Improvement Agreements for Martin Tivoli Phase 1 and 2

Page 4 of 4 ends

Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Subdivision Improvement Agreement (4)
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09/22/2026/ESD/JMangat/Item? 1 2026-??

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION APPROVING THE FINAL MAP FOR MARTIN TIVOLI PHASE 1 AND 2, APPROVING THE SUBDIVISION IMPROVEMENT AGREEMENTS

AND AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO

EXECUTE THE SUBDIVISION IMPROVEMENT AGREEMENT WITH SB

BUILDERS LLC, A CALIFORNIA LIMITED LIABILITY COMPANY AND

AUTHORIZING THE CITY CLERK TO CERTIFY THE FINAL MAP AND RECORD WITH THE STANISLAUS COUNTY RECORDER’S OFFICE
WHEREAS, the Tivoli Specific Plan was adopted by the City Council on February 28, 2008 by Ordinance No. 3479-C.S.; and
WHEREAS, SB Builders LLC, a California Limited Liability Company (“SUBDIVIDER”), is in possession of a tract of land situated in the City of Modesto, County of Stanislaus, known as Martin Tivoli Phase 1 and 2 (“SUBDIVISION”) consisting of 19.94 acres, within the Tivoli Specific Plan Area; and
WHEREAS, a tentative subdivision map of the SUBDIVISION (TSM 24- 005) was approved by the City of Modesto Planning Commission on April 7, 2025, with conditions of approval as noted in Planning Commission Resolution Number 2025-13; and
WHEREAS, as required by Section 66462 of the California Subdivision Map Act and Section 4-4.605 of the Modesto Municipal Code, the SUBDIVIDER has executed Subdivision Improvement Agreements; and
WHEREAS, following a public hearing and special election on October 14, 2025, by Resolution 2025-362, City Council approved the annexation of Martin #9..
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Tivoli Phase 1 and 2 into the City of Modesto Community Facilities District No. 2024-1 (Tivoli); and
WHEREAS, the Secretary of the Planning Commission of the City of Modesto and the City Engineer have certified that the final maps of said tracts substantially conform to the approved tentative subdivision map; and WHEREAS, the City Engineer of the City of Modesto has certified that the final maps of said SUBDIVISIONS meets all the provisions of the California Subdivision Map Act and the provisions of the Modesto Municipal Code relating to subdivisions, and the City Surveyor has determined that the maps are technically correct; and
WHEREAS, the public improvements required by the Planning Commission conditions of approval have not been completed; and WHEREAS, the SUBDIVIDER has furnished securities as set forth in Section 4-4.605 of the Modesto Municipal Code, which shall secure the obligations set forth in Section 66499.3 of the Government Code of the State of California. Said securities are in forms acceptable to the City Attorney and in the amounts required by the City Engineer.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the Final Maps of Martin Tivoli Phase 1 and 2, approving the Subdivision Improvement Agreements and authorizing the City Manager, or his designee, to execute the Agreements with SB Builders LLC, a California Limited Liability Company; that the dedications for public streets and #9..
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easements as shown thereon within the boundaries of said tract be accepted on behalf of the public for public use.

BE IT FURTHER RESOLVED that the City Clerk is hereby authorized to certify the maps of said tracts on behalf of the City of Modesto after the fees and deposits required by the Modesto Municipal Code in amounts determined by the City Engineer have been paid.

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST: _____________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ________________________________
JOSE M. SANCHEZ, City Attorney
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1 Recording Requested by:

City of Modesto
When Recorded Return to:

City of Modesto
Attention: City Clerk
1010 10th Street
Modesto, CA 95353
File No.:

SPACE ABOVE THIS LINE FOR RECORDER'S USE
SUBDIVISION AGREEMENT – Martin Tivoli Phase 1
This Agreement is made and entered into in the City of Modesto, County of Stanislaus, State of California, as of this _______ day of ______________________, 2026, by and between the CITY OF MODESTO, a municipal corporation of the State of California, ("CITY"), on the one hand, and SB Builders LLC, a California Limited Liability Company, (SUBDIVIDER).

This Agreement is made with reference to the following recitals:

A. The SUBDIVIDER is possessed of a tract of land consisting of 13.94 acres, lying in the CITY of Modesto, County of Stanislaus, commonly known as Martin Tivoli Phase 1 Subdivision ("SUBDIVISION").

B. A tentative map (TSM-24-005) of said subdivision was approved by the CITY Planning Commission on the 7th day of April, 2025, by Resolution No. 2025-13 and subject to conditions contained therein.

C. The final map (FM2026-00007 Phase 1) of the SUBDIVISION has been approved by the Secretary of the CITY Planning Commission and the CITY Engineer. #9..
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2 D. Section 4-4.604(c) of the Modesto Municipal Code, regulating the subdivision of land in the CITY, requires that the SUBDIVIDER shall execute and file an agreement between itself and the CITY relating to the improvements to be made in the SUBDIVISION ("IMPROVEMENTS"), prior to the approval by the CITY Council of the final map.

E. The SUBDIVIDER has requested the CITY to approve and record the final map for Martin Tivoli Phase 1 (“FINAL MAP”).

NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements herein contained, the parties hereto mutually agree as follows:

1. It is intended and determined that the provisions of this Agreement shall constitute covenants which shall run with the SUBDIVISION and the benefits and burdens hereof shall bind and inure to all successors in interest to the parties hereto.

2. A. IMPROVEMENTS. TIME LIMIT. The SUBDIVIDER agrees to cause all the IMPROVEMENTS to be made and constructed in the FINAL MAP of the SUBDIVISION to fully comply with the requirements of the Modesto Municipal Code and the Subdivision Map Act of the State of California, according to the improvement plans prepared by Associated Engineering Group, as is related to Martin Tivoli Phase 1, comprised of 29 sheets of Civil Improvements dated March 06, 2026 and approved by the CITY Engineer on 30th day of April, 2026, together with the Oakdale Road civil improvement plans, Sheets 16A through 16D, approved by the CITY Engineer on June 16, 2026, and the Oakdale Road landscape plans prepared by Westwood, comprised of 11 sheets, and any changes or alterations in such work required by the CITY Engineer, and to pay for any materials, provisions, provender or other supplies used in, upon, for or #9..
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about the performance of said work, or for any work or labor done thereon of any kind, or for any amounts due under the Unemployment Insurance Act with respect to such work or labor. The SUBDIVIDER agrees to complete said work on or before twenty-four (24) months from the date of the recording of the final map of the SUBDIVISION; provided, however, that the CITY Manager is hereby authorized to extend the time within which said improvements shall be completed for additional periods not to exceed six (6) months each if he is of the opinion that granting the extension will not be detrimental to the public welfare. No such extensions shall be made except upon the basis of a written application made by the SUBDIVIDER, stating fully the grounds of the application and the facts relied upon them for such an extension. In the event that the SUBDIVIDER shall fail to complete such work within said time, the CITY may complete the same and recover the full cost and expense thereof from the SUBDIVIDER.

B. PUBLIC FACILITIES. The SUBDIVIDER warrants that the
SUBDIVIDER has previously taken all actions reasonably necessary to secure, establish and annex to the Tivoli Community Facilities District No. 2024-1, a CITY Mello-Roos Community Facilities District ("CFD") for the Tivoli Specific Plan ("SPECIFIC PLAN") for the capital improvements and ongoing maintenance set forth in the Specific Plan or, if said CFD has been established for the Specific Plan, the SUBDIVIDER has taken all actions reasonably necessary to annex the SUBDIVISION to said CFD, which has actually resulted in annexation of the SUBDIVISION to said CFD at the tax rate for the zone of said CFD to which the SUBDIVISION has been ultimately annexed; or alternatively, complete annexation did not occur and the SUBDIVIDER has provided a funding mechanism for said capital improvements and ongoing maintenance to the same #9..
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general standard as other similar capital improvements and ongoing maintenance financed by said CFD which has been approved by the CITY.

3. INSPECTIONS. REIMBURSEMENT OF COSTS. The CITY Engineer shall inspect all of the IMPROVEMENTS made in the SUBDIVISION to see that they comply with the CITY subdivision regulations, and the SUBDIVIDER shall reimburse the CITY for the cost of such inspections prior to acceptance of the SUBDIVISION; provided, however, that on or before December 31st of each year, the CITY shall invoice the SUBDIVIDER for the cost of inspection for any improvements inspected during the prior year, and the SUBDIVIDER shall pay the full amount stated in the invoice within thirty (30) days of the date of said invoice.

4. SECURITIES. The SUBDIVIDER shall file with this agreement two (2) improvement securities as set forth in Section 4-4.605(b) of the Modesto Municipal Code, each to be in an amount based upon the total estimated cost of the IMPROVEMENTS as determined by the CITY Engineer. One improvement security shall secure faithful performance of this agreement as required by Section 66499.3(a) of the Government Code of the State of California and shall be in an amount equal to one hundred percent (100%) of the estimated cost ($_________) of the
IMPROVEMENTS. The second improvement security shall, as required by Section 66499.3(b) of the Government Code of the State of California, secure the obligations set forth in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California for payment to the contractor, his subcontractors and to persons renting equipment or furnishing labor or materials to them for said improvement, and shall be in an amount equal to fifty percent (50%) of the total estimated cost ($________) of #9..
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the IMPROVEMENTS. SUBDIVIDER shall secure and maintain improvement securities until said IMPROVEMENTS have been completed and accepted by City's Council, unless otherwise agreed by CITY in writing.

The SUBDIVIDER shall file with this agreement a Guarantee and Warranty Security as set forth in Section 4-4.605(e) of the Modesto Municipal Code in the amount of ten percent (10%) of the estimated cost of the IMPROVEMENTS to guarantee and warrant the IMPROVEMENTS for a period of one (1) year following the completion and CITY acceptance thereof against any defective work or labor done, or defective materials furnished.

Any bond(s) shall be executed by a surety company authorized to transact a surety business in the State of California. The required securities shall be approved by the Director of Finance as to sufficiency and by the CITY Attorney as to form. In the event that any security required by this Paragraph 4 is not renewed or maintained, or otherwise lapses or expires, prior to completion of the IMPROVEMENTS, SUBDIVIDER shall notify CITY, in writing by personal delivery or certified mail, return receipt requested, of said lapse or expiration at least thirty (30) calendar days prior to the last effective date of said security. At least ten (10) calendar days prior to the lapse or expiration of said security, SUBDIVIDER shall renew said security or secure alternative security sufficient to satisfy SUBDIVIDER's duties and obligations under this Paragraph 4, in a form approved by the City Attorney. Should SUBDIVIDER fail to (a) renew or maintain security, (b) give notice prior to the lapse or expiration of said security, or (c) otherwise comply with any provision in this Paragraph 4, CITY may, in its sole discretion, deem any such failure to be a material breach of this Agreement and/or may immediately terminate this agreement. #9..
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5. HOLD HARMLESS. The SUBDIVIDER shall defend, indemnify, and hold harmless the CITY and its agents, officers, and employees from any claim, action, or proceeding against the CITY and its agents, officers, or employees to attack, set aside, void, or annul, an approval of the CITY or its advisory agency, appeal board, or legislative body concerning the SUBDIVISION, which action is brought within the time period provided for in Section 66499.37 of the Government Code of the State of California. The CITY shall promptly notify the SUBDIVIDER of any claim, action, or proceedings and shall cooperate fully in the defense.

6. SUCCESSORS AND ASSIGNS. This agreement shall inure to the benefit of and be binding upon the successors and assigns of the respective parties hereto.

7. PARTIAL INVALIDITY. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way.

8. WAIVER. Any waiver by CITY of any obligation or condition in this Agreement must be in writing. No waiver will be implied from any delay or failure of CITY to take action on any breach or default of SUBDIVIDER or to pursue any remedy allowed under this Agreement or applicable law. Consent by CITY to any act or omission by SUBDIVIDER shall not be construed to be a consent to any other or subsequent act or omission or to waive the requirement for CITY's written consent to future waivers.

9. HEADINGS NOT CONTROLLING. Headings used in this Agreement are for reference purposes only and shall not be considered in construing this Agreement.

10. LANGUAGE CONSTRUCTION. The language of each and all paragraphs, terms and/or provisions of this Agreement, shall, in all cases and for any and all #9..
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purposes, and in any way and all circumstances whatsoever, be construed as a whole, according to its fair meaning and not for or against any party hereto and with no regard whatsoever to the identity or status of any person or persons who drafted all or any portion of this Agreement.

11. THIRD PARTY BENEFICIARIES. There shall be no third party beneficiaries to this Agreement.
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IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this agreement in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. __________, adopted by the Council of the City of Modesto on the _______ day of _________________, 2026, and the SUBDIVIDER has caused this agreement to be executed. #9..
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CITY:

CITY OF MODESTO,
a California municipal corporation
By: ________________________________

JOSEPH LOPEZ
City Manager
SUBDIVIDER:

SB Builders LLC,
a California Limited Liability Company
By:

Name:
(Please Print)
Title:

Date:

ATTEST:

By:

DIANE NAYARES-PEREZ
City Clerk
By:

Name:
(Please Print)
Title:

Date:

APPROVED AS TO FORM:

By:

JOSE M. SANCHEZ
City Attorney
(SEAL)
APPROVED AS TO SUFFICIENCY:

By:

TOBY WELLS
City Engineer
* Corporations - signature of two (2) officers
required or one (1) officer plus corporate
seal.

Partnership - signature of a partner
required
Sole Proprietorship - signature of proprietor
required
LLC – signature of proprietor or partner
required
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1 Recording Requested by:

City of Modesto
When Recorded Return to:

City of Modesto
Attention: City Clerk
1010 10th Street
Modesto, CA 95353
File No.:

SPACE ABOVE THIS LINE FOR RECORDER'S USE
SUBDIVISION AGREEMENT – Martin Tivoli Phase 2
This Agreement is made and entered into in the City of Modesto, County of Stanislaus, State of California, as of this _______ day of ______________________, 2026, by and between the CITY OF MODESTO, a municipal corporation of the State of California, ("CITY"), on the one hand, and SB Builders LLC, a California Limited Liability Company, (SUBDIVIDER).

This Agreement is made with reference to the following recitals:

A. The SUBDIVIDER is possessed of a tract of land consisting of 6.00 acres, lying in the CITY of Modesto, County of Stanislaus, commonly known as Martin Tivoli Phase 2 Subdivision ("SUBDIVISION").

B. A tentative map (TSM-24-005) of said subdivision was approved by the CITY Planning Commission on the 7th day of April, 2025, by Resolution No. 2025-13 and subject to conditions contained therein.

C. The final map (FM2026-00006 Phase 2) of the SUBDIVISION has been approved by the Secretary of the CITY Planning Commission and the CITY Engineer. #9..
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2 D. Section 4-4.604(c) of the Modesto Municipal Code, regulating the subdivision of land in the CITY, requires that the SUBDIVIDER shall execute and file an agreement between itself and the CITY relating to the improvements to be made in the SUBDIVISION ("IMPROVEMENTS"), prior to the approval by the CITY Council of the final map.

E. The SUBDIVIDER has requested the CITY to approve and record the final map for Martin Tivoli Phase 2 (“FINAL MAP”).

NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements herein contained, the parties hereto mutually agree as follows:

2. A. IMPROVEMENTS. TIME LIMIT. The SUBDIVIDER agrees to cause all the IMPROVEMENTS to be made and constructed in the FINAL MAP of the SUBDIVISION to fully comply with the requirements of the Modesto Municipal Code and the Subdivision Map Act of the State of California, according to the improvement plans prepared by Associated Engineering Group, as is related to Martin Tivoli Phase 2, comprised of 29 sheets of Civil Improvements dated March 06, 2026 and approved by the CITY Engineer on 30th day of April, 2026, and any changes or alterations in such work required by the CITY Engineer, and to pay for any materials, provisions, provender or other supplies used in, upon, for or about the performance of said work, or for any work or labor done thereon of any kind, or for any amounts due under the Unemployment Insurance Act with respect to such work or labor. The SUBDIVIDER agrees to complete #9..
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said work on or before twenty-four (24) months from the date of the recording of the final map of the SUBDIVISION; provided, however, that the CITY Manager is hereby authorized to extend the time within which said improvements shall be completed for additional periods not to exceed six (6) months each if he is of the opinion that granting the extension will not be detrimental to the public welfare. No such extensions shall be made except upon the basis of a written application made by the SUBDIVIDER, stating fully the grounds of the application and the facts relied upon them for such an extension.

In the event that the SUBDIVIDER shall fail to complete such work within said time, the CITY may complete the same and recover the full cost and expense thereof from the SUBDIVIDER.

B. PUBLIC FACILITIES. The SUBDIVIDER warrants that the
SUBDIVIDER has previously taken all actions reasonably necessary to secure, establish and annex to the Tivoli Community Facilities District No. 2024-1, a CITY Mello-Roos Community Facilities District ("CFD") for the Tivoli Specific Plan ("SPECIFIC PLAN") for the capital improvements and ongoing maintenance set forth in the Specific Plan or, if said CFD has been established for the Specific Plan, the SUBDIVIDER has taken all actions reasonably necessary to annex the SUBDIVISION to said CFD, which has actually resulted in annexation of the SUBDIVISION to said CFD at the tax rate for the zone of said CFD to which the SUBDIVISION has been ultimately annexed; or alternatively, complete annexation did not occur and the SUBDIVIDER has provided a funding mechanism for said capital improvements and ongoing maintenance to the same general standard as other similar capital improvements and ongoing maintenance financed by said CFD which has been approved by the CITY. #9..
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4. SECURITIES. The SUBDIVIDER shall file with this agreement two (2) improvement securities as set forth in Section 4-4.605(b) of the Modesto Municipal Code, each to be in an amount based upon the total estimated cost of the IMPROVEMENTS as determined by the CITY Engineer. One improvement security shall secure faithful performance of this agreement as required by Section 66499.3(a) of the Government Code of the State of California and shall be in an amount equal to one hundred percent (100%) of the estimated cost ($_________) of the
IMPROVEMENTS. The second improvement security shall, as required by Section 66499.3(b) of the Government Code of the State of California, secure the obligations set forth in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California for payment to the contractor, his subcontractors and to persons renting equipment or furnishing labor or materials to them for said improvement, and shall be in an amount equal to fifty percent (50%) of the total estimated cost ($________) of the IMPROVEMENTS. SUBDIVIDER shall secure and maintain improvement securities until said IMPROVEMENTS have been completed and accepted by City's Council, unless #9..
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otherwise agreed by CITY in writing.

5. HOLD HARMLESS. The SUBDIVIDER shall defend, indemnify, and hold harmless the CITY and its agents, officers, and employees from any claim, action, or #9..
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proceeding against the CITY and its agents, officers, or employees to attack, set aside, void, or annul, an approval of the CITY or its advisory agency, appeal board, or legislative body concerning the SUBDIVISION, which action is brought within the time period provided for in Section 66499.37 of the Government Code of the State of California. The CITY shall promptly notify the SUBDIVIDER of any claim, action, or proceedings and shall cooperate fully in the defense.

6. SUCCESSORS AND ASSIGNS. This agreement shall inure to the benefit of and be binding upon the successors and assigns of the respective parties hereto.

9. HEADINGS NOT CONTROLLING. Headings used in this Agreement are for reference purposes only and shall not be considered in construing this Agreement.

10. LANGUAGE CONSTRUCTION. The language of each and all paragraphs, terms and/or provisions of this Agreement, shall, in all cases and for any and all purposes, and in any way and all circumstances whatsoever, be construed as a whole, according to its fair meaning and not for or against any party hereto and with no regard #9..
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whatsoever to the identity or status of any person or persons who drafted all or any portion of this Agreement.

11. THIRD PARTY BENEFICIARIES. There shall be no third party beneficiaries to this Agreement.
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IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this agreement in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. __________, adopted by the Council of the City of Modesto on the _______ day of _________________, 2026, and the SUBDIVIDER has caused this agreement to be executed. #9..
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CITY:

CITY OF MODESTO,
a California municipal corporation
By: _____________________________

JOSEPH LOPEZ
City Manager
SUBDIVIDER:

SB Builders LLC,
a California Limited Liability Company
By:

Name:
(Please Print)
Title:

Date:

ATTEST:

By:

DIANE NAYARES-PEREZ
City Clerk
By:

Name:
(Please Print)
Title:

Date:

APPROVED AS TO FORM:

By:

JOSE M. SANCHEZ
City Attorney
(SEAL)
APPROVED AS TO SUFFICIENCY:

By:

TOBY WELLS
City Engineer
* Corporations - signature of two (2) officers
required or one (1) officer plus corporate
seal.

Partnership - signature of a partner
required
Sole Proprietorship - signature of proprietor
required
LLC – signature of proprietor or partner
required
#9..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: September 2, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Accept the 2024 Sport Court Lighting Project
CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444
DESCRIPTION:

Consider accepting the 2024 Sport Court Lighting Project as complete, releasing securities, releasing payments totaling $106,415 to Flouresco Services, LLC. of Phoenix, AZ, and authorizing the City Clerk to file a Notice of Completion. (Funding Source:

Measure H)
STRATEGIC PLAN ELEMENT:

The recommended action supports the City’s 2025-2026 Strategic Plan Area of Focus:

Quality of Life and Governance and Service Delivery.

BACKGROUND:

In June 2023, by Resolution No. 2023-266, Council approved the FY 2023-2024 budget, which included $6,100,000 of Measure H Funding for deferred park maintenance plan.

As part of that allocation, $190,000 was budgeted for sport court lighting with the park system. Davis Community Park and Beyer Community Park had some of the oldest sport court lighting in the city, originally installed in 1969 and 1987 respectively.

DISCUSSION:

The work for this project was advertised for bids on June 14, 2024. Bids were publicly opened on July 23, 2024, and Flouresco Services, LLC. of Phoenix, AZ, was the lowest responsible bidder at 26.07% below the engineers’ estimate. #10..
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City Council, September 22,2026
Accept the 2024 Sport Court Lighting Project

Page 2 of 3 ends

On August 27, 2024, by Resolution No. 2024-303, Council awarded a contract to Flouresco Services, LLC., in the amount of $103,500, plus $10,350 in contingency if needed, for a total not to exceed $113,850. The Contractor received the Notice to Proceed with a start date of May 19, 2025. All contract work was completed on September 5, 2025.

By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file Notice of Completion with the County Recorder, release securities, and authorize payments totaling $106,415. The work is covered by a one-year warranty for any issues that may arise.

Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.

FISCAL IMPACT:

The total project costs were $118,224, which included design, construction, city construction forces, and construction administration costs. The total project amount originally budget was $119,025 which included $113,850 for the construction contract and contingency with Flouresco Services, LLC.

The City’s “Change Order Approval Policy” enacted by Council on September 12, 2023, by Resolution 2023-405 established a contract change order authority of 10% for construction contracts of this amount. Staff requested the Engineering Services Director’s Authority to issue change orders of 10% ($10,350) of the construction contract amount for this project.

There was one (1) change order resulting in an overall increase of $2,915 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
101517– PRN – 2023/24 Deferred Maintenance – Measure H
PROJECT EXPENDITURES:

Construction Contract (Flouresco) % of contract $103,500 Construction Contingency (Change Orders) 2.82% $ 2,915
City Construction Forces 6.24% $ 6,462
Construction Administration – City Staff Support 2.42% $ 2,508 Engineering Design/Admin. – City Staff Support/Misc. 2.74% $ 2,839 TOTAL CONSTRUCTION EXPENDITURES: $118,224
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City Council, September 22,2026
Accept the 2024 Sport Court Lighting Project

Page 3 of 3 ends

COMMITTEE RECOMMENDATION:

On April 15, 2024, this project was one of several park construction projects presented to the Safety & Communities Committee to minimize the time between bidding and Council Award. The Committee forwarded the item to Council for approval.

CEQA/NEPA REQUIREMENTS:

City staff prepared a Notice of Exemption No. EA/PR&N 2024-03, and the project is categorically exempt from CEQA because of Section 15302, since the project is for the replacement of existing structures involving a negligible expansion of use beyond the current use.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting 2024 Sport Court Lighting Project as complete, releasing securities, releasing payments totaling $106,415 to Flouresco Services, LLC. of Phoenix, AZ, and authorizing the City Clerk to file a Notice of Completion.

Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Contract Change Order Log

3. Project Suspension Form

4. Notice of Completion
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9/22/2026/ESD/PKambel 1 2026-

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION ACCEPTING 2024 SPORT COURT LIGHTING PROJECT AS

COMPLETE, RELEASING SECURITIES, RELEASING PAYMENTS TOTALING $106,415 TO FLOURESCO SERVICES, LLC. OF PHOENIX, AZ, AND

AUTHORIZING THE CITY CLERK TO FILE A NOTICE OF COMPLETION WHEREAS, in June 2023, by Resolution No. 2023-266, Council approved the FY 2023-2024 budget, which included $6,100,000 of Measure H Funding for deferred park maintenance plan. As part of that allocation, $190,000 was budgeted for sport court lighting with the park system. Davis Community Park and Beyer Community Park had some of the oldest sport court lighting in the city, originally installed in 1969 and 1987 respectively; and WHEREAS, this project replaced the old lighting with new, more efficient and cost-effective technology that will enhance recreational use for our community; and
WHEREAS, the project was advertised for bids on June 14, 2024; and WHEREAS, bids were publicly opened on July 23, 2024, and Flouresco Services, LLC. of Phoenix, AZ, was the lowest responsible bidder at 26.07% below the engineers’ estimate; and
WHEREAS, on August 27, 2024, by Resolution No. 2024-303, Council awarded a contract to Flouresco Services, LLC., in the amount of $103,500, plus $10,350 in contingency if needed, for a total not to exceed $113,850; and WHEREAS, the Contractor received the Notice to Proceed with a start date of May 19, 2025. All contract work was completed on September 5, 2025; and #10..
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9/22/2026/ESD/PKambel 2 2026-
WHEREAS, the total project costs were $118,224, which included design, construction, city construction forces, and construction administration costs. The total project amount originally budget was $119,025 which included $113,850 for the construction contract and contingency with Flouresco Services, LLC; and WHEREAS, the City’s “Change Order Approval Policy” enacted by Council on September 12, 2023, by Resolution 2023-405 established a contract change order authority of 10% for construction contracts of this amount. Staff requested the Engineering Services Director’s Authority to issue change orders of 10% ($10,350) of the construction contract amount for this project; and WHEREAS, there was one (1) change order resulting in an overall increase of $2,915 for change order work as listed on the attached change order log; and WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Modesto that it accepts the 2024 Sport Court Lighting Project as complete, releasing securities, releasing payments totaling $106,415 to Flouresco Services, LLC. of Phoenix, AZ, and authorizing the City Clerk to file a Notice of Completion. #10..
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9/22/2026/ESD/PKambel 3 2026-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 22nd day of September, 2026, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST: ____________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CONTRACT CHANGE ORDER LOG
Date: October 28, 2025

CAUSE CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT

UNFORSEEN

CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
TIME
EXT. Approved
PROJECT NUMBER AND NAME:
2024/13 - 2024 Sport Court Lighting Project 101517 | AU C – Tnns Crt Rnvtn-Lgt 01 RE AIM Light Fixtures at Davis Park 10/28/25 $2,914.29 0 W.D. No Yes No Yes Original Contract Amount: $103,500.00 Total Working Days Time Extension: 0 Original Director's CCO Authority: $10,350.00 Total Change Orders Processed To Date: $2,914.29 IDA To: $10,350.00 Total Executed Change Orders To Date: $2,914.29 IDA Date: 8/27/2024
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Capital Project In Beneficial Use/Substantial Completion Notice This notice must be submitted to the Finance Departmentwhen a capital project has reached substantial completion, is in beneficial use or has entered the warranty period to meet financial reporting guidelines of depreciation.

Project #: 101517 Fund: 3122
Contact: Pete Kambel
When the Project was Created was it Non-Capital or Capital: X Non-Capital Cost Center:

Ext: 75444
89998
Capital
Project Name in Oracle: 2024 Sport Court Lighting
Project Description: (What new infrastructure was
built/created)
Upgrading the lighting surrounding the sports
courts at Beyer and Davis Community Parks.

Project In Use/Completion Date or Council Acceptance Date: Accepted September 22, 2026 Warranty Period X Yes No If yes, Project Warranty End Date: September 22, 2027 Project expenses include (Check X Non-Capital Capital Capital and Non-Capital* one):

If expenses are mixed - Amount of total expenses to be recorded as Capital, either dollar amount or percentage:
* IQproject expenses include Capital and Non-Capital, an Itemized list o/ New Assets and Costs which make up the amount/percentage listed above must be provided with this form Authorization Signatures to Begin Depreciation of Project Expense Project Manager: Date:

Financial Analyst(Budget): Date:

Director of Finance: Date:

Financial Analyst (Assets):

Latest Revision 01-FEB-2025
#10..
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Revenue
60160 Transfer In From Fund
AU C - Maddux Cntr Rnvtn
23-24 Def Maint-Measure H 101517
Non-Cap Unsponsored
Organization : PRN.Park Planning and Development Category : Start Date : 01-JUL-2023 Hosting Fund : Measure H - Non-Capital Projects-3122 Type : End Date :

Element : Area : Status : APPROVED
Classification : Manager : Houx, Nathan G Const. Code :

Proj Desc : PRN - 2023/24 Deferred Maintenance - Measure H (Suspended) PJTD BDGT PJTD Actual PJTD Available PJTD Budget PJTD Actual PJTD Commit PJTD Available Previous Yr End Previous Yr End Previous Yr End
4,777,209.00 4,023,484.20 753,724.80 4,820,940.00 4,023,484.20 0.00 797,455.80 0160
Total 4,777,209.00 4,023,484.20 753,724.80 4,820,940.00 4,023,484.20 0.00 797,455.80 Expenditure
PJTD BDGT PJTD Actual PJTD Available PJTD Budget PJTD Actual PJTD Commit PJTD Available Previous Yr End Previous Yr End Previous Yr End
350,000.00 310,238.17 39,761.83 350,000.00 310,238.17 3,668.26 36,093.57 Discretionary Expens
AU C - Plygrnd Repl 2,370,000.00 1,710,767.70 659,232.30 2,433,731.00 1,713,437.83 0.00 720,293.17 Discretionary Expens
AU C - Rstrm Repl Discretionary 1,814,438.00 1,797,864.93 16,573.07 1,804,438.00 1,797,864.93 3,306.28 3,266.79 Expens
AU C - Rvml Rstrm Shd Can 61,431.00 62,012.79 -581.79 61,431.00 62,012.79 0.00 -581.79 Discretionary Expens
AU C - Snd Vlybll E L Lma 11,340.00 10,708.02 631.98 11,340.00 10,708.02 0.00 631.98 Discretionary Expens
AU C - Synt Trf Rpl Grgn 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Discretionary Expens
AU C - Tnns Crt Rnvtn-Lgt 170,000.00 157,327.41 12,672.59 160,000.00 159,937.43 495.00 -432.43 Discretionary Expens
Total 4,777,209.00 4,048,919.02 728,289.98 4,820,940.00 4,054,199.17 7,469.54 759,271.29 Net Total 25,434.82 38,184.51
Date: 8/25/2026 14:27 PM
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:

PO Box 642
Modesto CA 95353

NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on August 27, 2024, the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract to Flouresco Services, LLC. of Phoenix, AZ for the project titled “2024 Sport Court Lighting” at Davis Community Park and Beyer Community Park. On September 5, 2025, said contract, as a whole, was completed by Flouresco Services, LLC., and accepted by the Council of the City of Modesto at a regular meeting of the Council held on September 22, 2026.

CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.

Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: August 31, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Annual Investment Report – Fiscal Year 2025-2026 CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:

Consider delegating the responsibility for investment transactions to the Director of Finance and accepting the Annual Investment Report for Fiscal Year 2025-2026. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:

This item supports the City of Modesto 2025-2026 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Long-Term Financial Sustainability.

BACKGROUND:

The City’s Finance Department submits a monthly investment report to Council and the City Manager. The final of these reports each fiscal year is an annual report. Attached are the June investment reports (see attachment list below) generated by Public Financial Management (PFM) Asset Management, the City’s investment advisor.

Investments in the portfolio (Attachment 4) are for the City of Modesto, Modesto Public Financing Authority, Community Facilities Districts, Tuolumne River Regional Park, Successor Agency to the Redevelopment Agency, and the Modesto-Ceres Fire Protection Agency Joint Powers Authority.

Pursuant to the Government Code, the authority of the City Council to invest or to reinvest funds of the City, or to sell or exchange securities, may be delegated for a oneyear period to the Treasurer, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires. The Finance Department is responsible for the deposit and invests City fund as defined in the City #11..
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City Council, September 22, 2026
Annual Investment Report – Fiscal Year 2025-2026

Page 2 of 4 ends

Municipal Code 2-3.404. The Director of Finance fulfills the Treasurer responsibilities for the City of Modesto, and so the authority is provided to this position. This authority is an annual renewal the City needs to document through a Council action as defined in the Government Code.

DISCUSSION:

It is the function of the Finance Department to deposit and invest funds in accordance with sound treasury management and to safeguard the principal and maintain the liquidity needs of the City. The Treasurer must be authorized on an annual basis to carry out these functions. The purpose of the Monthly and Annual Investment Reports are to keep the City Council and City Manager informed of the City’s investment portfolio. As shown in Attachment 2, on June 30, 2026, the City had a closing market value of $514,470,914 in its investment portfolio.

The U.S. Treasury yield curve rose during the final quarter of the year on concerns surrounding the conflict in the Middle East, rising energy prices, and inflationary consequences of supply disruptions. The 3-month, 2-year and 5-year Treasuries rose by 14-32 basis points (bps) to 3.81%, 4.17% and 4.23%, respectively. In addition, the 2- year Treasury traded over a 38 bps range during the quarter, trading between a low of

3.78% in late April and a high of 4.16% on June 5th following the nonfarm payrolls report. The 10-year Treasury increased by 15 bps to 4.47% while the 30-year Treasury increased by 4 bps to 4.20% as investors demanded more yield to make investments further out the curve.

U.S. Treasury Yields
Treasury Fiscal Year End
6/30/26
Fiscal Year End
6/30/25
Change
Year on Year
3-month 3.81% 4.29% (0.48)%
1-year 3.98% 3.97% 0.01%
2-year 4.17% 3.72% 0.45%
3-year 4.18% 3.69% 0.49%
5-year 4.23% 3.80% 0.43%
FISCAL IMPACT:

As mentioned, as of June 30, 2026, the City’s investment portfolio had an approximate market value of $514.5 million. For the year ending June 30, 2026, the City’s securities #11..
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City Council, September 22, 2026
Annual Investment Report – Fiscal Year 2025-2026

Page 3 of 4 ends

portfolio returned 3.17% versus the benchmark return of 2.71% (gross fees). This is a gross outperformance of 46 basis points (0.46%) against the benchmark.

The City’s portfolio is well balanced. The portfolio has sufficient liquidity with 29.12% in maturities under two (2) years and 10.04% in overnight securities. The City’s portfolio remains diversified in U.S. government securities, corporate notes, negotiable CDs, and asset-backed securities. The City’s diversification has led to increased investment earnings vs the benchmark over the prior fiscal year.

In June, the approximate yield of the City’s combined investments was 4.24% (see Attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 3.77%. For comparative purposes, the yields (as of June 30, 2026) of other investments commonly used by public agencies are listed below:

Local Agency Investment Fund: 3.82%
1-Year U.S. Treasury Note: 4.11%
2-Year U.S. Treasury Note: 4.15%

The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six (6) months.

COMMITTEE RECOMMENDATION:

The Finance Committee approved the Annual Investment Report at their August 24, 2026 meeting and recommended forwarding this item to Council for approval.

CEQA/NEPA REQUIREMENTS:

This item does not constitute a “project” within the meaning of California Environmental Quality Act (CEQA) Guidelines Section 15378 and requires no environmental review.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution delegating the responsibility for investment transactions to the Director of Finance and accepting the Annual Investment Report for Fiscal Year 2025-2026.

Approved by:

DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Monthly Investment Report
#11..
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City Council, September 22, 2026
Annual Investment Report – Fiscal Year 2025-2026

Page 4 of 4 ends

3. Account Statement

4. Combined Yields

5. Portfolio Holdings and Earnings Projections

6. Cash with Fiscal Agent
#11..
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1 09/22/2026/Finance/CManiscalco/Item # 2026-xxx

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION DELEGATING THE RESPONSIBILITY FOR INVESTMENT

TRANSACTIONS TO THE DIRECTOR OF FINANCE AND ACCEPTING THE ANNUAL INVESTMENT REPORT FOR FISCAL YEAR 2025-2026
WHEREAS, the City’s Finance Department submits a monthly investment report to Council and the City Manager, the final of these reports each fiscal year is an annual report; and
WHEREAS, pursuant to the Government Code, the authority of the City Council to invest or to reinvest funds of the City, or to sell or exchange securities, may be delegated for a one-year period to the Treasurer, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires; and
WHEREAS, the Director of Finance fulfills the Treasurer responsibilities for the City of Modesto, and so the authority is provided to this position; and WHEREAS, it is the function of the Finance Department to deposit and invest funds in accordance with the Government Code and as defined in the City Municipal Code 2 3.404, and to safeguard the principal and maintain the liquidity needs of the City; and
WHEREAS, the Treasurer must be authorized on an annual basis to carry out these functions.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby delegates the responsibility for investment transactions to the Director of Finance and accepting the Annual Investment Report for Fiscal Year 2025-2026.
#11..
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2 09/22/2026/Finance/CManiscalco/Item # 2026-xxx
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 22nd day of September 2026, by Councilmember ________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following vote:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST:
____________________________
DIANE NAYARES-PEREZ, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: _______________________________________
JOSE M. SANCHEZ, City Attorney
#11..
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Page 1 ends

PORTFOLIO HOLDINGS
Attachment 1
Percentages may not total to 100% due to rounding.

Sector Allocation
June 30, 2026 versus May 31, 2026
Sector June 30, 2026 May 31, 2026 Change in Allocation Permitted by Policy
U.S. Treasury 35.4% 37.7% -2.3% 100%
Federal Agency CMO 16.0% 16.1% -0.1% 100%
Negotiable CD 0.7% 0.7% 0.0% 30%
Corporate Note 24.0% 21.5% 2.5% 30%
Asset -Backed 13.6% 13.8% -0.2% 20%
Municipal 0.2% 0.2% 0.0% 100%
CAMP 10.0% 10.0% -0.0% 100%
* Total invested includes only the bolded numbers
* * Amount invested are market values excluding accrued interest Additional, detailed information regarding security types and investment activity may be found in Attachment 2 accompanying this memo . Moreover, the addendum data will confirm continued compliance with the investment policy as well as with California Government Code .

RECENT ACTIVITY & CORPORATE EXPOSURE
The Federal Reserve (Fed) unanimously voted to keep the federal funds target range at 3.50% –3.75% during Kevin Warsh’s first meeting as Fed Chair. While the policy decision was broadly expected, the meeting marked a notable shift in communication strategy as forward guidance was removed from the policy statement and replaced with a more analytical and data -dependent approach to policymaking.

Chair Warsh repeatedly affirmed the Fed’s commitment to price stability and announced five task forces focused on communications; balance sheet policy; data and analytical frameworks; productivity and employment trends (including AI); and the Fed’s inflation framework. While the reviews could meaningfully change how the Fed communicates and evaluates economic conditions, the Committee’s 2% inflation target remains outside their scope.

During the month, in the Long -Term Portfolio, we bought one U.S. Treasury security that matures in five years. Additionally, we bought three corporate notes. There was no activity in the Short -Term Portfolio.

Investment Type No. of
Investments
Amount Invested
CAMP 1 $51,676,832.19
Federal Agency CMO 29 $82,306,965.12
U.S. Treasury 39 $182,333,830.98
Negotiable CD 1 $3,502,215.50
Corporate Note 53 $123,634,913.71
Asset -Backed 43 $69,897,976.03
Municipal 1 $1,118,180.20
Total Invested 167 $514,470,913.73
#11..
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Page 2 ends

Long -Term Portfolio Total Return
June 30, 2026
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception 5
City of Modesto Investment Portfolio 1,2,3 0.09% 3.17% 4.71% 1.90% 2.30% Modesto Performance Benchmark 40.06% 4.30% 1.51% 1.99%
Average Portfolio Yields
June 30, 2026
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 4.32% 4.29% 4.23% 3.43% 2.83% City of Modesto Short -Term Portfolio 3.88% 3.91% 3.97% 4.75% -

1. Performance is calculated on trade -date basis, gross (i.e., before fees) in accordance the CFA Institute's Global Investment Performance Standards (GIPS).

2. Performance numbers for periods greater than 1 year are presented on an annualized basis unless otherwise noted.

3. The performance calculation excludes any funds not invested in the 1 -5 year strategy.

4. Performance benchmark through December 31, 2018 was the ICE BofA 1 -3 Year U.S. Treasury Index, and is now the ICE BofA 1 -5 Year U.S. Treasury Index, sourced from Bloomberg Finance L.P.

5. Inception date is 3/31/04.

PERFORMANCE
Yields on 3-month, 2 -year, and 10 -year U.S. Treasuries ended the month at 3.82%, 4.18%, and 4.47% representing changes of +14 bps, +17 bps, and +3 bps, respectively. Investment -grade (IG) corporate bonds produced slightly positive excess returns in June with the exception of securities beyond 10 years. Spreads on asset -backed securities (ABS) grinded tighter over the month, generating positive excess returns. Mortgage - backed securities (MBS) generally lagged other sectors, including Treasuries, during the month, while commercial MBS produced modest positive excess returns.

Both the portfolio and its benchmark returned positive performance in June. The portfolio outperformed the benchmark by 3 basis points (0.03%). Since inception, the portfolio continues to produce strong performance and has outperformed the benchmark by 31 basis points each year on average .

Detail may not add to total due to rounding
$79.7
$24.3
$45.8
$103.8
$131.7 $129.2
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
Under 6
Months
6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years
Millions
Maturity Distribution
June 30, 2026

2.71%
#11..
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Page 3 ends

INVESTMENT POLICY
The City’s investment policy embraces the following standards : the prudent investor rule, requiring the safety of principal, through prudent and safe investments ; sufficient liquidity to meet expected and unforeseen cash flows ; generation of an above -market, risk -adjusted rate of return (meaning, returnsexpectations taking safety and liquidity into account) . No investments longer than five years are permitted .

Some investments have maturity limits of 270 days or less. The table below details the City’s permitted investments .

Investment Type
Maximum
Maturity
Maximum
Specified
% of Portfolio
Maximum
% per
Issuer
Minimum Quality
Requirements
Local Agency Bonds 5 Years None None None
Treasury Obligations 5 Years None None None
State Obligations 5 Years None None A rating
CA Local Agency Obligations 5 Years None None A rating
Federal Agencies 5 Years None None None
Supranationals 5 Years 30 percent 5 percent AA
Banker’s Acceptances 180 days 40 percent 5 percent Federal Reserve eligible Commercial Paper 270 days 25 percent 5 percent A1/P1 rating Negotiable Certificates of Deposit 5 Years 30 percent 5 percent A rating Certificates of Deposit 1 Year 20 percent 5 percent FDIC insured or collateralized
Repurchase Agreements 90 days None 5 percent None
Reverse Repurchase Agreements 92 days
20 percent of
combined base
value
5 percent None
Medium Term Notes 5 Years 30 percent 5 percent A rating Money Market Mutual Funds N/A 20 percent 10
percent
Multiple
Mortgage and Asset -backed
Securities 5 Years 20 percent 5 percent AA Rating
CAMP N/A None None N/A
LAIF N/A N/A None N/A
The City is not required to include a list of investments held by our bond trustees; however, staff believes the City Council should be kept informed of these investments. These investments are identified on Attachment A.

LONG TERM PORTFLIO INCOME RETURN
Monthly Income Return

0.34%
Fiscal Year -to-Date Income Return

3.93 %
Prior 12 Months Income Return

3.93%
#11..
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Page 4 ends

Economic Summary
Energy Prices
Source: Bloomberg Finance L.P.. Retail Gasoline, as of June 29, 2026. WTI Crude Oil as of July 02, 2026. $2
$3
$4
$5
2024 2025 2026
Retail Gasoline (per gallon)
$50
$60
$70
$80
$90
$100
$110
$120
2024 2025 2026
WTI Crude Oil (per barrel)
YTD Price
Change :

19.21%
YTD Price
Change :

36.29 %
#11..
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Page 5 ends

Source: Congressional Budget Office January 2026 economic projections, Bureau of Labor Statistics. Bloomberg Finance L.P., as of June 2026. Monthly change in nonfarm payrolls and unemployed workers as of June 2026. Data is seasonally adjusted.

Economic Summary
Unemployment and Labor Force Participation Rates
87 53
9 155
33 134
237
-48
42 67
108
13 -20
64 -70
76 -140
41 -17
160
-156
214
148
129
57 -250
-150
-50
50 150
250
350
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Dec-25
Mar-26
Jun-26
Thousands
Monthly Change In
Nonfarm Payrolls
June -26

4.2%
3%
4%
5%
2022 2023 2024 2025 2026
Unemployment Rate
#11..
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Page 6 ends

Source: ICE BofA Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 7/1/2026. Spreads on Agency, ABS, and MBS are option -adjusted spreads of 0 -5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

Economic Summary
Sector Yield Spreads
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%
Jul-24 Jan-25 Jul-25 Jan-26 Jul-26
Federal Agency Yield Spread

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Jul-24 Jan-25 Jul-25 Jan-26 Jul-26
1-5 Yr. AAA -A Corp

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Jul-24 Jan-25 Jul-25 Jan-26 Jul-26
Asset -Backed Securities Yield Spreads
#11..
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Page 7 ends

U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 6/30/2026.

Economic Summary

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
June 30, 2026
May 31, 2026
December 31, 2025
#11..
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Page 8 ends

The views expressed within this material constitute the perspective and judgment of U.S.

Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed -income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S.

Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.

For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.

Disclosures
#11..
- 136 -
CITY OF MODESTO - Combined Portfolio

ACCOUNT STATEMENT
For the Month Ending
June 30, 2026
Customer Service
PO Box 11813
Harrisburg, PA 17108-1813
Contents
Cover/Disclosures
Summary Statement
Individual Accounts

CITY OF MODESTO
ATTN: Accounts Payable
P.O. BOX 642
MODESTO, CA 95353
Client Management Team
Accounts included in Statement

CITY OF MODESTO

CITY OF MODESTO SHORT-TERM
Online Access https://www.pfmam.com Customer Service 1-717-232-2723 Monique Spyke
Managing Director
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
[email protected]
#11..
- 137 -
For the Month Ending June 30, 2026
Account Statement
Important Disclosures
Important Disclosures
365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed.

Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis.

YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis.

Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.

Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below.

PFM Asset Management
Attn: Service Operations
213 Market Street
Harrisburg, PA 17101

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management ("PFMAM") is a division of U.S. Bancorp Asset Management, Inc. ("USBAM"), a SEC-registered investment adviser. USBAM is direct subsidiary of U.S. Bank National Association ("U.S. Bank") and an indirect subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below.

Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients.

However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below.

Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved.

Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference.

Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions.

Market Value Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation.

Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented.

Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values.

Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some local government investment programs and TERM funds are distributed by representatives of USBAM's affiliate, U.S. Bancorp Investments, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address
https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request.

Key Terms and Definitions
Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date.

Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by
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For the Month Ending June 30, 2026
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 69,897,976.03 13.59
Corporate Note 111,136,426.13 21.60
Bank Note 6,007,416.00 1.17
Certificate of Deposit 3,502,215.50 0.68
Federal Agency Commercial Mortgage-Backed Security 82,306,965.12 16.00 Municipal Bond / Note 1,118,180.20 0.22
Corporate Note 6,491,071.58 1.26
U.S. Treasury Bond / Note 182,333,830.98 35.44
CAMP Pool 51,676,832.19 10.04
Total $514,470,913.73 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 1,355,016.23 462,794,081.54
CAMP Pool 0.00 51,676,832.19
Total $1,355,016.23 $514,470,913.73
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
66,177,203.26

0.00 11,226,163.97
2,309,096.38
24,257,309.60
45,839,558.22
103,808,534.80
131,688,992.47
129,164,055.03

0.00 12.85

0.00 2.18

0.45 4.72

8.91 20.18

25.60 25.11

0.00 Under 30 days
31 to 60 days
61 to 90 days
91 to 180 days
181 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total $514,470,913.73
990
100.00%
Weighted Average Days to Maturity
Sector Allocation

13.59%
ABS

21.60%
Corporate Note

1.17%
Bank Note

0.68%
Cert of Deposit

16.00%
Federal Agency
Commercial
Mortgage-Backed
Security

0.22%
Muni Bond / Note

1.26%
Priv Placement
Bond

35.44%
US TSY Bond / Note

10.04%
CAMP Pool
PFM Asset Management Summary Page 1
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Managed Account Summary Statement For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$462,351,327.74
(777,416.76)
(15,485,531.46)
17,846,574.11

0.00 (1,140,872.09)
$462,794,081.54
1,182,059.07
(39,990.19)
212,947.35
$1,355,016.23
Total
464,477,068.84
3,740,811.12
15,596,870.28
777,416.76
1,070,720.25
(17,886,564.30)
(462,938,434.62)
(3,281,551.34)
Total Accrual Basis Earnings $1,556,336.99
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Transaction Summary - Managed Account
_________________
_________________
_______________________________________________ _______________________________________________ Reconciling Transactions Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary - Managed Account

0.00 15,596,870.28
1,070,720.25
777,416.76
(17,886,564.30)

0.00 0.00
Cash Balance
Closing Cash Balance $48,790.44
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 1 U.S. Bancorp Asset Management, Inc.
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Portfolio Summary and Statistics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 184,197,000.00 182,333,830.98 39.40 Municipal Bond / Note 1,130,000.00 1,118,180.20 0.24
Federal Agency Commercial
Mortgage-Backed Security
81,994,888.46 82,306,965.12 17.78
Corporate Note 118,940,000.00 117,627,497.71 25.42
Certificate of Deposit 3,500,000.00 3,502,215.50 0.76
Bank Note 6,000,000.00 6,007,416.00 1.30
Asset-Backed Security 70,109,505.72 69,897,976.03 15.10 Managed Account Sub-Total 465,871,394.18 462,794,081.54 100.00% Accrued Interest 3,740,811.12
Total Portfolio 465,871,394.18 466,534,892.66
Unsettled Trades 0.00 0.00
Sector Allocation

15.10%
ABS

1.30%
Bank Note

0.76%
Cert of Deposit

24.01%
Corporate Note

17.78%
Federal Agency
Commercial
Mortgage-Backed
Security

0.24%
Muni Bond / Note

1.40%
Priv Placement
Bond

39.41%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

6.06% 5.24%

9.90%

22.43%

28.46% 27.91%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1100

4.29%

4.32%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 2 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)

5.01%
A

7.63%
A+

1.96%
A0.76%
A-1

2.22%
AA

61.38%
AA+

4.96%
AA12.10%
AAA

3.98%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,903,094.50 0.63
Ally Auto Receivables Trust 856,704.48 0.19
Alphabet Inc 5,750,118.13 1.24
Amazon.com Inc 5,907,930.00 1.28
American Express Co 5,360,693.30 1.16
Apple Inc 6,081,535.25 1.31
BA Credit Card Trust 6,875,493.26 1.49
Bank of America Corp 8,264,127.11 1.79
Bank of New York Mellon Corp 6,137,983.40 1.33
BlackRock Inc 368,622.26 0.08
Capital One Financial Corp 3,491,464.07 0.75
Caterpillar Inc 3,168,143.48 0.68
Charles Schwab Corp 3,256,126.25 0.70
Chase Auto Owner Trust 2,705,299.28 0.58
Cisco Systems Inc 171,805.23 0.04
Citigroup Inc 9,796,174.65 2.12
Cooperatieve Rabobank UA 3,502,215.50 0.76
Deere & Co 2,586,666.67 0.56
Depository Trust & Clearing Corp 6,491,071.58 1.40
Eli Lilly & Co 2,934,568.55 0.63
Federal Home Loan Mortgage Corp 79,120,960.02 17.09
Federal National Mortgage Association 3,186,005.10 0.69 Fifth Third Auto Trust 783,465.62 0.17
Ford Credit Auto Owner Trust 1,643,087.31 0.36
GM Financial Consumer Automobile Receiv 862,178.75 0.19 Home Depot Inc 3,550,149.81 0.77
Honda Auto Receivables Owner Trust 8,296,539.58 1.79
Hyundai Auto Receivables Trust 8,505,650.22 1.84
JPMorgan Chase & Co 15,481,532.67 3.35
Kenvue Inc 2,322,135.20 0.50
Kubota Credit Owner Trust 1,917,976.93 0.41
Mastercard Inc 6,490,009.50 1.40
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 3 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
Meta Platforms Inc 6,466,024.62 1.40
Microsoft Corp 2,984,211.00 0.64
Morgan Stanley 6,007,416.00 1.30
National Rural Utilities Cooperative Fi 1,537,317.90 0.33 Novartis AG 5,428,069.40 1.17
NVIDIA Corp 2,929,592.40 0.63
PACCAR Inc 1,142,416.44 0.25
PepsiCo Inc 2,676,768.49 0.58
Salesforce Inc 3,248,316.50 0.70
State of Hawaii 1,118,180.20 0.24
State Street Corp 1,899,184.90 0.41
Target Corp 360,736.07 0.08
TotalEnergies SE 4,178,387.50 0.90
Toyota Auto Receivables Owner Trust 7,518,103.23 1.62
Toyota Motor Corp 2,846,664.80 0.62
United States Treasury 182,333,830.98 39.39
USAA Auto Owner Trust 1,461,378.17 0.32
Verizon Master Trust 3,593,143.22 0.78
Visa Inc 4,866,406.44 1.05
Walmart Inc 1,428,405.62 0.31
Total $462,794,081.54 100.00%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 4 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note

US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 10,995,000.00 AA+ Aa1 07/30/25 07/31/25 11,037,090.23 4.09 228,252.56 10,996,718.49 10,998,155.57

US TREASURY N/B
DTD 09/15/2023 4.625% 09/15/2026
91282CHY0 11,207,000.00 AA+ Aa1 09/12/25 09/15/25 11,308,563.44 3.69 152,116.75 11,228,168.54 11,226,163.97

US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1 11,210,000.00 AA+ Aa1 05/14/26 05/15/26 11,280,500.39 3.85 64,427.04 11,271,588.17 11,247,441.40

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 915,000.00 AA+ Aa1 12/06/22 12/08/22 927,724.22 3.81 6,359.00 918,465.71 914,463.81

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 3,160,000.00 AA+ Aa1 12/13/22 12/14/22 3,229,495.31 3.63 21,961.14 3,178,992.26 3,158,148.24

US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 7,525,000.00 AA+ Aa1 01/04/23 01/06/23 6,408,301.76 3.91 6,338.99 7,215,828.85 7,171,678.68

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 4,250,000.00 AA+ Aa1 06/01/23 06/05/23 4,266,933.59 3.78 447.52 4,255,556.65 4,232,069.25

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 115,000.00 AA+ Aa1 01/31/23 01/31/23 99,825.39 3.66 359.77 110,188.34 109,020.92

US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
91282CGH8 595,000.00 AA+ Aa1 05/16/23 05/18/23 594,535.16 3.52 8,686.67 594,843.43 588,864.36

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,245,000.00 AA+ Aa1 03/03/23 03/07/23 1,231,188.28 4.25 16,645.11 1,240,385.98 1,241,693.28

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 880,000.00 AA+ Aa1 05/08/23 05/09/23 791,965.63 3.49 2,765.03 848,538.05 837,100.00

US TREASURY N/B
DTD 04/15/2025 3.750% 04/15/2028
91282CMW8 1,220,000.00 AA+ Aa1 04/13/26 04/14/26 1,218,713.28 3.81 9,625.00 1,218,848.31 1,211,327.02

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 225,000.00 AA+ Aa1 05/03/23 05/04/23 226,028.32 3.40 1,326.77 225,377.37 222,354.45

US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9 545,000.00 AA+ Aa1 01/21/26 01/22/26 546,639.26 3.61 2,610.22 546,338.47 540,955.01 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 5 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note

US TREASURY N/B
DTD 11/15/2018 3.125% 11/15/2028
9128285M8 510,000.00 AA+ Aa1 01/21/26 01/22/26 503,027.34 3.64 2,035.50 504,072.70 498,086.91

US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
91282CKX8 1,095,000.00 AA+ Aa1 07/01/24 07/02/24 1,086,359.77 4.43 126.46 1,089,591.04 1,097,481.27

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 2,105,000.00 AA+ Aa1 08/01/24 08/02/24 2,119,636.33 3.85 35,122.10 2,114,362.15 2,094,967.57

US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
91282CLK5 7,550,000.00 AA+ Aa1 09/04/24 09/05/24 7,565,630.86 3.58 91,477.07 7,560,259.99 7,429,079.20

US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2029
91282CLN9 8,695,000.00 AA+ Aa1 10/02/24 10/03/24 8,670,205.66 3.56 76,496.99 8,678,393.54 8,518,387.16

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 4,850,000.00 AA+ Aa1 11/01/24 11/04/24 4,838,064.45 4.18 33,706.18 4,841,771.68 4,842,230.30

US TREASURY N/B
DTD 12/02/2024 4.125% 11/30/2029
91282CMA6 6,315,000.00 AA+ Aa1 12/05/24 12/06/24 6,326,347.27 4.08 22,063.68 6,323,034.93 6,305,135.97

US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 12,365,000.00 AA+ Aa1 01/06/25 01/07/25 12,337,468.55 4.43 1,470.02 12,345,051.42 12,444,692.42

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 3,470,000.00 AA+ Aa1 02/04/25 02/05/25 3,457,123.04 4.33 61,515.81 3,460,481.39 3,477,592.36

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 5,215,000.00 AA+ Aa1 06/04/25 06/05/25 5,274,279.88 3.98 92,451.00 5,261,578.67 5,226,410.42

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 8,565,000.00 AA+ Aa1 03/04/25 03/05/25 8,580,724.80 3.96 114,510.33 8,576,870.25 8,513,138.92

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 10,775,000.00 AA+ Aa1 04/01/25 04/02/25 10,828,875.00 3.89 108,338.80 10,816,409.78 10,706,395.58

US TREASURY N/B
DTD 04/30/2025 3.875% 04/30/2030
91282CMZ1 4,690,000.00 AA+ Aa1 03/19/26 03/20/26 4,694,030.47 3.85 30,618.82 4,693,774.49 4,639,254.20

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 5,400,000.00 AA+ Aa1 06/04/25 06/05/25 5,339,039.06 4.00 17,151.64 5,351,162.50 5,314,572.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 6 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note

US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,805,000.00 AA+ Aa1 07/01/25 07/01/25 1,810,429.10 3.81 190.06 1,809,425.16 1,784,130.59

US TREASURY N/B
DTD 07/31/2025 3.875% 07/31/2030
91282CNN7 3,780,000.00 AA+ Aa1 08/01/25 08/05/25 3,761,395.31 3.98 61,098.69 3,764,505.03 3,735,407.34

US TREASURY N/B
DTD 09/02/2025 3.625% 08/31/2030
91282CNX5 16,460,000.00 AA+ Aa1 09/02/25 09/03/25 16,372,556.25 3.74 199,432.13 16,385,990.05 16,103,147.20

US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 1,225,000.00 AA+ Aa1 10/01/25 10/02/25 1,221,554.69 3.69 11,162.23 1,222,034.31 1,198,012.02

US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 1,500,000.00 AA+ Aa1 10/30/25 10/31/25 1,493,554.69 3.72 13,668.03 1,494,367.18 1,466,953.50

US TREASURY N/B
DTD 12/01/2025 3.500% 11/30/2030
91282CPN5 7,075,000.00 AA+ Aa1 12/03/25 12/05/25 7,034,650.39 3.63 20,973.70 7,038,934.33 6,876,567.48

US TREASURY N/B
DTD 12/31/2025 3.625% 12/31/2030
91282CPR6 695,000.00 AA+ Aa1 01/02/26 01/05/26 691,606.44 3.73 68.46 691,913.14 678,629.27

US TREASURY N/B
DTD 02/02/2026 3.750% 01/31/2031
91282CPW5 3,845,000.00 AA+ Aa1 02/05/26 02/10/26 3,844,849.80 3.75 60,144.51 3,844,871.60 3,772,456.39

US TREASURY N/B
DTD 02/02/2026 3.750% 01/31/2031
91282CPW5 4,960,000.00 AA+ Aa1 02/04/26 02/05/26 4,944,693.75 3.82 77,585.64 4,945,840.69 4,866,419.68

US TREASURY N/B
DTD 03/02/2026 3.500% 02/28/2031
91282CQD6 5,250,000.00 AA+ Aa1 03/13/26 03/16/26 5,163,867.19 3.87 61,416.44 5,168,501.74 5,095,986.00

US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2031
91282CKN0 1,915,000.00 AA+ Aa1 06/26/26 06/30/26 1,955,394.53 4.14 14,921.91 1,955,379.25 1,949,261.27 Security Type Sub-Total 184,197,000.00 183,082,868.88 3.89 1,729,667.77 183,788,415.63 182,333,830.98 Municipal Bond / Note

HAWAII ST-TXBL-GP (CALLABLE)
DTD 04/30/2026 4.212% 04/01/2031
419792S23 1,130,000.00 AA+ Aa2 04/16/26 04/30/26 1,130,000.00 4.21 8,064.81 1,130,000.00 1,118,180.20 Security Type Sub-Total 1,130,000.00 1,130,000.00 4.21 8,064.81 1,130,000.00 1,118,180.20 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 7 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,319,655.46 AA+ Aa1 05/19/23 05/24/23 2,248,253.56 4.29 6,469.91 2,311,501.70 2,309,096.38 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,000,000.00 AA+ Aa1 08/16/23 08/18/23 3,773,125.00 4.94 10,746.67 3,953,820.32 3,970,744.00 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,275,000.00 AA+ Aa1 08/16/23 08/18/23 2,144,987.30 4.93 6,148.19 2,246,195.36 2,254,536.38 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,476,273.72 AA+ Aa1 08/17/23 08/22/23 3,250,859.09 4.97 9,029.62 3,418,575.36 3,439,640.75 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,148,681.70 AA+ Aa1 09/20/23 09/28/23 3,099,269.43 5.19 12,594.73 3,127,190.40 3,163,096.36 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,835,113.39 AA+ Aa1 09/07/23 09/14/23 1,807,669.26 5.01 7,111.06 1,823,170.73 1,839,640.62 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,668,617.62 AA+ Aa1 07/19/23 07/27/23 2,668,550.91 4.78 10,623.32 2,668,590.67 2,674,296.44 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 3,500,000.00 AA+ Aa1 07/13/23 07/20/23 3,534,958.00 4.59 14,055.42 3,514,061.95 3,515,648.50 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 3,207,014.25 AA+ Aa1 07/18/23 07/31/23 3,152,645.33 4.58 11,197.82 3,184,466.60 3,186,005.10 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,037,381.91 AA+ Aa1 09/19/23 09/28/23 1,037,376.72 5.27 4,557.56 1,037,379.78 1,041,364.42 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 3,800,000.00 AA+ Aa1 09/07/23 09/14/23 3,743,786.60 4.99 14,725.00 3,773,751.73 3,807,284.60 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 3,850,000.00 AA+ Aa1 10/11/23 10/19/23 3,765,546.40 5.25 15,207.50 3,809,737.70 3,865,018.85 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 2,890,000.00 AA+ Aa1 10/25/23 10/31/23 2,797,858.13 5.60 11,680.42 2,844,006.63 2,906,117.53 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 3,800,000.00 AA+ Aa1 09/20/23 09/28/23 3,754,578.60 5.07 15,200.00 3,777,840.53 3,819,737.20 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 8 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,465,000.00 AA+ Aa1 11/14/23 11/21/23 1,460,764.69 5.14 6,188.40 1,462,868.44 1,480,644.73 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,125,000.00 AA+ Aa1 11/28/23 12/07/23 2,118,894.88 4.93 8,606.25 2,121,909.87 2,139,683.75 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 1,782,150.42 AA+ Aa1 12/11/23 12/21/23 1,798,792.14 4.79 7,425.63 1,790,776.67 1,800,102.02 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,190,000.00 AA+ Aa1 01/10/24 01/18/24 2,211,875.91 4.50 8,621.30 2,201,651.37 2,197,995.69 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,220,000.00 AA+ Aa1 02/01/24 02/08/24 2,242,197.78 4.34 8,458.20 2,231,923.20 2,220,062.16 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 2,715,000.00 AA+ Aa1 03/19/24 03/28/24 2,780,553.68 4.83 12,217.50 2,752,447.64 2,767,070.99 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,355,000.00 AA+ Aa1 03/05/24 03/14/24 3,455,603.03 4.67 14,971.69 3,411,097.28 3,416,265.66 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 3,750,000.00 AA+ Aa1 02/14/24 02/22/24 3,851,025.00 4.79 16,875.00 3,805,782.38 3,818,745.00 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 3,750,000.00 AA+ Aa1 02/29/24 03/07/24 3,862,488.75 4.79 17,115.63 3,812,584.01 3,830,336.25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,125,000.00 AA+ Aa1 04/23/24 04/30/24 2,133,625.38 5.09 9,172.92 2,130,165.22 2,157,342.50 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,245,000.00 AA+ Aa1 07/16/24 07/25/24 3,264,927.54 4.58 12,763.67 3,257,709.33 3,261,082.22 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 3,500,000.00 AA+ Aa1 08/07/24 08/15/24 3,532,739.00 4.33 13,250.42 3,521,168.00 3,505,628.00 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
3137HHJL6 3,980,000.00 AA+ Aa1 11/19/24 11/27/24 4,000,723.86 4.67 15,893.47 3,994,639.16 4,010,988.28 FHMS K557 A2
DTD 03/01/2026 3.936% 01/01/2031
3137HQSP7 1,985,000.00 AA+ Aa1 03/03/26 03/12/26 1,984,962.28 3.94 6,510.80 1,984,966.75 1,939,114.74 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 9 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K558 A2
DTD 03/01/2026 4.130% 03/01/2031
3137HQSV4 2,000,000.00 AA+ Aa1 03/17/26 03/26/26 2,005,200.00 4.07 6,883.33 2,005,028.10 1,969,676.00 Security Type Sub-Total 81,994,888.46 81,483,838.25 4.80 314,301.43 81,975,006.88 82,306,965.12 Corporate Note

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 365,000.00 A A2 01/19/22 01/24/22 364,379.50 1.99 3,281.96 364,932.79 360,736.07

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 3,000,000.00 AAA Aaa 12/14/22 12/16/22 2,914,170.00 4.06 39,875.00 2,987,615.13 2,984,211.00

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,610,000.00 A A2 01/26/23 01/30/23 3,405,674.00 4.16 30,043.22 3,556,831.03 3,550,149.81

JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,535,000.00 A A1 09/14/23 09/18/23 1,403,557.95 5.13 15,958.41 1,486,162.19 1,519,602.42

KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,300,000.00 A A2 06/27/25 06/30/25 2,354,303.00 4.12 31,941.25 2,334,390.55 2,322,135.20

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 495,000.00 A A1 07/13/23 07/14/23 501,732.00 4.64 11,366.44 497,741.42 501,135.03

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 895,000.00 A A1 07/14/23 07/18/23 903,690.45 4.73 20,551.44 898,546.83 906,092.63

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,165,000.00 A A1 07/11/23 07/14/23 1,163,264.15 4.98 26,751.31 1,164,293.12 1,179,439.01

PACCAR FINANCIAL CORP
DTD 08/10/2023 4.950% 08/10/2028
69371RS64 1,130,000.00 A+ A1 08/17/23 08/21/23 1,122,914.90 5.09 21,907.88 1,126,994.08 1,142,416.44

NATIONAL RURAL UTIL COOP (CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0 1,550,000.00 NR A2 08/19/25 08/25/25 1,548,264.00 4.19 22,513.75 1,548,735.33 1,537,317.90

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 2,800,000.00 A+ A1 09/06/23 09/11/23 2,795,128.00 5.29 44,916.67 2,797,709.50 2,846,664.80

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 5,650,000.00 A+ Aa3 09/26/23 09/29/23 5,650,000.00 5.80 83,788.87 5,650,000.00 5,812,917.75 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 10 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

BANK OF AMERICA CORP (CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 2,060,000.00 A- A1 04/01/25 04/02/25 2,082,824.80 4.66 44,730.78 2,073,055.21 2,071,253.78

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 610,000.00 AA+ Aa2 02/09/26 02/13/26 607,785.70 3.83 8,651.83 608,055.06 600,097.87

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 655,000.00 AA+ Aa2 02/10/26 02/13/26 654,299.15 3.74 9,290.08 654,385.58 644,367.39

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 655,000.00 AA+ Aa2 02/10/26 02/13/26 654,351.55 3.74 9,290.08 654,430.95 644,367.39

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 3,925,000.00 AA+ Aa2 02/10/26 02/13/26 3,920,996.50 3.74 55,669.58 3,921,492.91 3,861,285.48

STATE STREET CORP (CALLABLE)
DTD 08/20/2024 4.530% 02/20/2029
857477CN1 1,900,000.00 A Aa3 08/14/24 08/20/24 1,900,000.00 4.53 31,319.92 1,900,000.00 1,899,184.90

CATERPILLAR FINL SERVICE
DTD 02/24/2026 3.750% 02/23/2029
14913UBJ8 2,790,000.00 A A1 02/18/26 02/24/26 2,786,317.20 3.80 36,909.38 2,786,731.28 2,745,025.20

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 170,000.00 AA- A1 11/12/25 11/13/25 174,462.50 3.99 2,862.85 173,624.42 171,805.23

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 365,000.00 AA- Aa3 03/05/24 03/14/24 364,339.35 4.74 5,098.85 364,624.71 368,622.26

SALESFORCE INC (CALLABLE)
DTD 03/13/2026 4.650% 03/15/2029
79466LAR5 3,250,000.00 A+ A2 03/11/26 03/13/26 3,249,285.00 4.66 45,337.50 3,249,354.69 3,248,316.50

DEPOSITORY TRUST COMPANY (CALLABLE)
DTD 03/27/2026 4.300% 03/27/2029
249672AC0 5,500,000.00 AA+ Aa1 04/06/26 04/07/26 5,505,115.00 4.27 61,752.78 5,504,729.36 5,472,054.50

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,295,000.00 A+ A1 04/03/24 04/05/24 1,296,709.40 4.77 15,022.00 1,295,980.78 1,307,654.74

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,580,000.00 A+ A1 04/01/24 04/04/24 1,577,645.80 4.83 18,328.00 1,578,632.92 1,595,439.76

BANK OF NEW YORK MELLON (CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 2,700,000.00 AA- Aa2 05/06/25 05/07/25 2,727,216.00 4.45 25,181.93 2,717,018.02 2,711,383.20 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 11 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 1,935,000.00 A+ A1 07/15/24 07/17/24 1,932,000.75 4.53 39,667.50 1,933,099.93 1,940,986.89

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 660,000.00 AA- Aa3 08/12/24 08/14/24 658,554.60 4.25 10,549.00 659,064.70 656,547.54

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,290,000.00 AA- Aa3 08/13/24 08/14/24 2,293,343.40 4.17 36,601.83 2,292,168.77 2,278,021.01

BANK OF NY MELLON CORP (CALLABLE)
DTD 01/22/2026 4.026% 01/22/2030
06406RCG0 1,165,000.00 A Aa3 01/14/26 01/22/26 1,165,000.00 4.03 20,715.45 1,165,000.00 1,148,773.88

BANK OF NY MELLON CORP (CALLABLE)
DTD 01/22/2026 4.026% 01/22/2030
06406RCG0 2,310,000.00 A Aa3 01/27/26 01/28/26 2,305,934.40 4.07 41,075.27 2,306,339.26 2,277,826.32

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 730,000.00 A+ A1 02/05/25 02/07/25 728,773.60 4.64 13,432.00 729,090.15 735,781.60

APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 1,834,000.00 AA+ Aaa 07/01/25 07/02/25 1,631,563.08 4.18 4,202.92 1,669,872.68 1,658,764.97

APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 4,890,000.00 AA+ Aaa 07/01/25 07/02/25 4,349,801.70 4.19 11,206.25 4,452,027.16 4,422,770.28

CHARLES SCHWAB CORP (CALLABLE)
DTD 05/21/2026 4.744% 05/21/2030
808513CQ6 770,000.00 A- A2 05/18/26 05/21/26 770,000.00 4.74 4,058.76 770,000.00 771,451.45

CHARLES SCHWAB CORP (CALLABLE)
DTD 05/21/2026 4.744% 05/21/2030
808513CQ6 2,480,000.00 A- A2 05/19/26 05/21/26 2,478,760.00 4.76 13,072.36 2,478,798.19 2,484,674.80

JPMORGAN CHASE & CO (CALLABLE)
DTD 07/22/2024 4.995% 07/22/2030
46647PEJ1 4,330,000.00 A A1 03/17/26 03/18/26 4,411,620.50 4.51 95,525.21 4,406,729.89 4,359,318.43

NOVARTIS CAPITAL CORP (CALLABLE)
DTD 11/05/2025 4.100% 11/05/2030
66989HAY4 5,525,000.00 AA- Aa3 11/03/25 11/05/25 5,508,425.00 4.17 35,237.22 5,510,431.03 5,428,069.40

CATERPILLAR FINL SERVICE
DTD 01/08/2026 4.150% 01/08/2031
14913UBH2 430,000.00 A A1 01/05/26 01/08/26 429,845.20 4.16 8,575.51 429,859.59 423,118.28

TOTALENERGI CAP USA LLC (CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 1,790,000.00 A+ Aa3 01/06/26 01/13/26 1,790,000.00 4.25 35,484.96 1,790,000.00 1,759,838.50 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 12 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

TOTALENERGI CAP USA LLC (CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 2,460,000.00 A+ Aa3 01/07/26 01/13/26 2,465,805.60 4.20 48,767.04 2,465,312.47 2,418,549.00

VISA INC (CALLABLE)
DTD 02/12/2026 4.100% 02/12/2031
92826CAZ5 4,920,000.00 AA- Aa3 03/03/26 03/04/26 4,961,180.40 3.91 77,886.33 4,958,671.86 4,866,406.44

BANK OF AMERICA CORP (CALLABLE)
DTD 02/13/2020 2.496% 02/13/2031
06051GHZ5 4,060,000.00 A- A1 03/16/26 03/17/26 3,763,335.80 4.16 38,846.08 3,779,212.28 3,751,943.44 AMAZON.COM INC (CALLABLE)
DTD 03/13/2026 4.250% 03/13/2031
023135DD5 6,000,000.00 AA A1 05/12/26 05/13/26 5,926,980.00 4.53 76,500.00 5,928,811.66 5,907,930.00

DEPOSITORY TRUST COMPANY (CALLABLE)
DTD 03/27/2026 4.550% 03/27/2031
249672AA4 1,025,000.00 AA+ Aa1 03/23/26 03/27/26 1,024,139.00 4.57 12,177.57 1,024,183.09 1,019,017.08

WALMART INC (CALLABLE)
DTD 04/30/2026 4.150% 04/30/2031
931142FT5 1,445,000.00 AA Aa2 04/27/26 04/30/26 1,441,907.70 4.20 10,161.16 1,442,008.89 1,428,405.62

META PLATFORMS INC (CALLABLE)
DTD 05/04/2026 4.550% 05/15/2031
30303MAF9 2,221,000.00 AA- Aa3 06/03/26 06/04/26 2,208,073.78 4.68 16,000.45 2,208,258.13 2,209,051.02

META PLATFORMS INC (CALLABLE)
DTD 05/04/2026 4.550% 05/15/2031
30303MAF9 4,280,000.00 AA- Aa3 06/03/26 06/04/26 4,255,646.80 4.68 30,833.83 4,255,978.87 4,256,973.60

MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
57636QBL7 1,000,000.00 A+ Aa3 06/09/26 06/10/26 998,630.00 4.63 2,938.89 998,646.16 998,463.00

MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
57636QBL7 1,580,000.00 A+ Aa3 06/09/26 06/10/26 1,577,551.00 4.64 4,643.44 1,577,578.28 1,577,571.54

MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
57636QBL7 3,920,000.00 A+ Aa3 06/04/26 06/08/26 3,916,864.00 4.62 11,520.44 3,916,900.33 3,913,974.96

NVIDIA CORP (CALLABLE)
DTD 06/18/2026 4.500% 06/15/2031
67066GAR5 2,940,000.00 AA Aa1 06/15/26 06/18/26 2,934,414.00 4.54 4,777.50 2,934,459.54 2,929,592.40 Security Type Sub-Total 118,940,000.00 117,556,576.21 4.44 1,426,798.73 117,978,570.77 117,627,497.71 Certificate of Deposit

COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 3,500,000.00 A-1 P-1 07/17/23 07/20/23 3,500,000.00 5.08 80,997.78 3,500,000.00 3,502,215.50 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 13 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Certificate of Deposit
Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 80,997.78 3,500,000.00 3,502,215.50 Bank Note

MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,360,000.00 A+ Aa3 05/28/24 05/30/24 1,360,000.00 5.50 7,277.51 1,360,000.00 1,371,403.60

MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,640,000.00 A+ Aa3 05/30/24 05/31/24 2,645,570.40 5.45 14,126.93 2,641,653.21 2,662,136.40

MORGAN STANLEY PVT BANK (CALLABLE)
DTD 02/02/2026 4.213% 02/08/2030
61776NU43 2,000,000.00 A+ Aa3 02/04/26 02/05/26 2,000,700.00 4.20 34,874.28 2,000,615.02 1,973,876.00 Security Type Sub-Total 6,000,000.00 6,006,270.40 5.05 56,278.72 6,002,268.23 6,007,416.00 Asset-Backed Security
KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 362,942.02 NR Aaa 07/18/23 07/26/23 362,850.35 5.29 851.70 362,910.34 364,246.08 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 314,447.60 NR Aaa 07/25/23 07/31/23 314,435.69 5.53 772.84 314,443.34 315,592.19 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 556,094.77 AAA NR 08/15/23 08/22/23 555,980.10 5.42 1,086.39 556,053.11 558,446.49 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 226,648.55 AAA NR 08/08/23 08/15/23 226,597.28 5.17 519.78 226,628.86 227,334.61 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 503,839.77 AAA Aaa 09/07/23 09/15/23 503,751.60 5.58 1,249.52 503,802.23 505,469.69 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 1,017,871.28 NR Aaa 11/15/23 11/21/23 1,017,852.86 5.74 2,596.70 1,017,863.76 1,022,684.79 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 397,286.92 AAA NR 11/07/23 11/14/23 397,244.09 5.54 978.21 397,267.08 399,793.41 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 780,092.50 AAA Aaa 08/15/23 08/23/23 780,044.13 5.53 1,917.29 780,071.87 783,465.62 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 14 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,020,000.00 AAA NR 09/07/23 09/15/23 3,019,162.86 5.17 6,925.87 3,019,604.20 3,027,607.38 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,090,000.00 AAA NR 09/12/23 09/19/23 3,089,861.88 5.23 7,182.53 3,089,935.76 3,098,658.18 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 513,690.65 AAA NR 11/03/23 11/13/23 513,623.10 5.54 1,264.82 513,657.55 516,572.97 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,365,000.00 NR Aaa 12/07/23 12/14/23 1,364,816.68 4.98 3,021.20 1,364,908.56 1,369,363.91 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 181,591.65 NR Aaa 01/09/24 01/17/24 181,555.14 4.85 366.97 181,572.29 182,093.75 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
161571HV9 3,390,000.00 AAA NR 01/24/24 01/31/24 3,389,483.70 4.60 6,930.67 3,389,724.29 3,397,461.39 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,550,000.00 NR Aaa 02/11/25 02/19/25 1,549,946.84 4.67 3,217.11 1,549,965.82 1,553,730.85 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,525,000.00 AAA NR 03/04/25 03/12/25 2,524,627.56 4.32 4,848.00 2,524,729.50 2,526,161.50 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 960,000.00 AAA NR 06/03/25 06/11/25 959,913.31 4.36 1,860.27 959,932.26 960,294.72 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
90327HAC3 960,000.00 AAA Aaa 10/02/25 10/09/25 959,915.71 3.95 1,685.33 959,931.78 955,908.48 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
43813QAD1 2,355,000.00 AAA Aaa 08/05/25 08/12/25 2,354,950.78 4.04 2,642.83 2,354,960.20 2,344,609.74 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
02008KAC7 860,000.00 AAA NR 10/07/25 10/16/25 859,877.19 3.96 1,513.60 859,896.42 856,704.48 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,635,000.00 AAA Aaa 07/22/25 07/30/25 1,634,827.67 4.11 2,986.60 1,634,859.73 1,630,114.62 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
44935JAD8 2,040,000.00 AAA NR 09/09/25 09/17/25 2,039,667.07 3.88 3,517.87 2,039,727.27 2,025,293.64 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 15 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 680,000.00 AAA Aaa 05/06/25 05/14/25 679,899.90 4.28 1,212.67 679,921.59 680,085.00 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 1,830,000.00 AAA NR 06/05/25 06/12/25 1,829,993.05 4.31 3,505.47 1,830,000.00 1,829,317.41 HAROT 2025-4 A3
DTD 11/12/2025 3.980% 06/17/2030
43814XAD5 1,745,000.00 AAA NR 11/05/25 11/12/25 1,744,662.17 3.98 3,086.71 1,744,706.32 1,732,074.79 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
89231GAD0 2,575,000.00 AAA NR 10/15/25 10/23/25 2,574,703.88 3.84 4,394.67 2,574,744.89 2,555,674.63 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 3,990,000.00 AAA Aaa 06/18/25 06/26/25 3,988,917.51 4.31 4,765.83 3,989,120.05 3,983,256.90 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,135,000.00 NR Aaa 07/23/25 07/30/25 1,134,889.11 4.29 811.53 1,134,908.72 1,134,068.17 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
14043YAD7 965,000.00 AAA NR 10/28/25 11/05/25 964,795.61 3.85 1,651.22 964,823.41 956,282.19 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,265,000.00 AAA NR 07/15/25 07/22/25 2,264,673.61 4.30 4,328.67 2,264,731.71 2,262,035.12 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,190,000.00 AAA NR 07/18/25 07/25/25 3,189,935.88 4.16 5,897.96 3,189,952.63 3,177,543.05 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/15/2030
14041NGF2 2,565,000.00 AAA NR 09/09/25 09/16/25 2,564,513.68 3.82 4,354.80 2,564,592.04 2,535,181.88 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
89240KAD0 1,040,000.00 AAA Aaa 01/13/26 01/21/26 1,039,911.39 3.86 1,784.18 1,039,919.33 1,030,012.88 HART 2025-D A3
DTD 11/12/2025 3.990% 09/16/2030
44891XAD9 1,810,000.00 AAA NR 11/05/25 11/12/25 1,809,846.87 3.99 3,209.73 1,809,866.97 1,796,491.97 HAROT 2026-1 A3
DTD 02/18/2026 3.780% 09/23/2030
43815CAD0 1,005,000.00 NR Aaa 02/10/26 02/18/26 1,004,839.90 3.78 1,055.25 1,004,854.93 993,248.53 BAAT 2026-1A A3
DTD 04/24/2026 4.180% 10/15/2030
05620EAD0 1,110,000.00 NR Aaa 04/15/26 04/24/26 1,109,830.06 4.18 2,062.13 1,109,839.01 1,102,652.91 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 16 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
FORDO 2026-A A3
DTD 03/24/2026 4.050% 10/15/2030
34532WAD7 1,655,000.00 AAA Aaa 03/17/26 03/24/26 1,654,683.73 4.05 2,979.00 1,654,707.26 1,643,087.31 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
16144MAD6 1,585,000.00 NR Aaa 10/17/25 10/29/25 1,584,937.23 3.86 1,019.68 1,584,949.64 1,571,231.11 HAROT 2026-2 A3
DTD 05/13/2026 4.300% 11/15/2030
43814YAD3 2,675,000.00 AAA Aaa 05/05/26 05/13/26 2,674,922.69 4.30 5,112.22 2,674,925.47 2,668,160.03 TAOT 2026-B A3
DTD 04/21/2026 4.130% 12/16/2030
89240QAD7 1,685,000.00 AAA Aaa 04/14/26 04/21/26 1,684,644.63 4.14 3,092.91 1,684,664.35 1,675,173.08 HART 2026-A A3
DTD 02/18/2026 3.790% 02/18/2031
448981AD2 690,000.00 AAA NR 02/10/26 02/18/26 689,953.43 3.79 1,162.27 689,959.03 680,835.42 VZMT 2026-1 A1A
DTD 03/13/2026 3.940% 02/20/2031
92348KFC2 3,620,000.00 NR Aaa 03/05/26 03/13/26 3,619,496.10 3.94 4,358.08 3,619,525.20 3,593,143.22 BACCT 2026-A1 A
DTD 05/14/2026 4.220% 04/15/2031
05522RDL9 3,690,000.00 NR Aaa 05/07/26 05/14/26 3,689,628.79 4.22 6,920.80 3,689,648.56 3,676,811.94 Security Type Sub-Total 70,109,505.72 70,100,664.81 4.34 124,701.88 70,102,807.33 69,897,976.03 Managed Account Sub-Total 465,871,394.18 462,860,218.55 4.29 3,740,811.12 464,477,068.84 462,794,081.54 $465,871,394.18 $462,860,218.55 4.29% $3,740,811.12 $464,477,068.84 $462,794,081.54 $466,534,892.66
$3,740,811.12
Total Investments
Accrued Interest
Securities Sub-Total
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 17 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CHM6 10,995,000.00 RBS 100.03 10,998,155.57 (38,934.66) 1,437.08 DTD 07/17/2023 4.500% 07/15/2026

0.04 3.68
US TREASURY N/B 91282CHY0 11,207,000.00 MorganSt 100.17 11,226,163.97 (82,399.47) (2,004.57) DTD 09/15/2023 4.625% 09/15/2026

0.21 3.76
US TREASURY N/B 91282CKR1 11,210,000.00 MorganSt 100.33 11,247,441.40 (33,058.99) (24,146.77) DTD 05/15/2024 4.500% 05/15/2027

0.84 4.10
US TREASURY N/B 91282CFU0 915,000.00 Nomura 99.94 914,463.81 (13,260.41) (4,001.90) DTD 10/31/2022 4.125% 10/31/2027

1.28 4.17
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 99.94 3,158,148.24 (71,347.07) (20,844.02) DTD 10/31/2022 4.125% 10/31/2027

1.28 4.17
US TREASURY N/B 91282CAU5 7,525,000.00 WellsFar 95.30 7,171,678.68 763,376.92 (44,150.17) DTD 11/02/2020 0.500% 10/31/2027

1.31 4.18
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 99.58 4,232,069.25 (34,864.34) (23,487.40) DTD 01/03/2023 3.875% 12/31/2027

1.44 4.17
US TREASURY N/B 91282CBJ9 115,000.00 HSBC 94.80 109,020.92 9,195.53 (1,167.42) DTD 02/01/2021 0.750% 01/31/2028

1.54 4.18
US TREASURY N/B 91282CGH8 595,000.00 BNPPSA 98.97 588,864.36 (5,670.80) (5,979.07) DTD 01/31/2023 3.500% 01/31/2028

1.50 4.18
US TREASURY N/B 91282CGP0 1,245,000.00 TD Secur 99.73 1,241,693.28 10,505.00 1,307.30 DTD 02/28/2023 4.000% 02/29/2028

1.57 4.16
US TREASURY N/B 91282CBS9 880,000.00 BNPPSA 95.13 837,100.00 45,134.37 (11,438.05) DTD 03/31/2021 1.250% 03/31/2028

1.70 4.18
US TREASURY N/B 91282CMW8 1,220,000.00 Citigrou 99.29 1,211,327.02 (7,386.26) (7,521.29) DTD 04/15/2025 3.750% 04/15/2028

1.70 4.16
US TREASURY N/B 91282CHA2 225,000.00 GoldmanS 98.82 222,354.45 (3,673.87) (3,022.92) DTD 05/01/2023 3.500% 04/30/2028

1.74 4.17
US TREASURY N/B 91282CND9 545,000.00 Citigrou 99.26 540,955.01 (5,684.25) (5,383.46) DTD 05/15/2025 3.750% 05/15/2028

1.78 4.16
US TREASURY N/B 9128285M8 510,000.00 MorganSt 97.66 498,086.91 (4,940.43) (5,985.79) DTD 11/15/2018 3.125% 11/15/2028

2.25 4.17
US TREASURY N/B 91282CKX8 1,095,000.00 Citigrou 100.23 1,097,481.27 11,121.50 7,890.23 DTD 07/01/2024 4.250% 06/30/2029

2.79 4.17
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 99.52 2,094,967.57 (24,668.76) (19,394.58) DTD 07/31/2024 4.000% 07/31/2029

2.82 4.17
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 18 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 98.40 7,429,079.20 (136,551.66) (131,180.79) DTD 09/03/2024 3.625% 08/31/2029

2.92 4.17
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 97.97 8,518,387.16 (151,818.50) (160,006.38) DTD 09/30/2024 3.500% 09/30/2029

3.01 4.17
US TREASURY N/B 91282CLR0 4,850,000.00 HSBC 99.84 4,842,230.30 4,165.85 458.62 DTD 10/31/2024 4.125% 10/31/2029

3.07 4.18
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 99.84 6,305,135.97 (21,211.30) (17,898.96) DTD 12/02/2024 4.125% 11/30/2029

3.15 4.17
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 100.64 12,444,692.42 107,223.87 99,641.00 DTD 12/31/2024 4.375% 12/31/2029

3.22 4.20
US TREASURY N/B 91282CMG3 3,470,000.00 BNP Sec 100.22 3,477,592.36 20,469.32 17,110.97 DTD 01/31/2025 4.250% 01/31/2030

3.24 4.18
US TREASURY N/B 91282CMG3 5,215,000.00 HSBC 100.22 5,226,410.42 (47,869.46) (35,168.25) DTD 01/31/2025 4.250% 01/31/2030

3.24 4.18
US TREASURY N/B 91282CGQ8 8,565,000.00 Nomura 99.39 8,513,138.92 (67,585.88) (63,731.33) DTD 02/28/2023 4.000% 02/28/2030

3.33 4.18
US TREASURY N/B 91282CMU2 10,775,000.00 BNP Sec 99.36 10,706,395.58 (122,479.42) (110,014.20) DTD 03/31/2025 4.000% 03/31/2030

3.41 4.21
US TREASURY N/B 91282CMZ1 4,690,000.00 Citigrou 98.92 4,639,254.20 (54,776.27) (54,520.29) DTD 04/30/2025 3.875% 04/30/2030

3.50 4.18
US TREASURY N/B 91282CHF1 5,400,000.00 RBS 98.42 5,314,572.00 (24,467.06) (36,590.50) DTD 05/31/2023 3.750% 05/31/2030

3.59 4.19
US TREASURY N/B 91282CNK3 1,805,000.00 Citigrou 98.84 1,784,130.59 (26,298.51) (25,294.57) DTD 06/30/2025 3.875% 06/30/2030

3.66 4.19
US TREASURY N/B 91282CNN7 3,780,000.00 BOFAML 98.82 3,735,407.34 (25,987.97) (29,097.69) DTD 07/31/2025 3.875% 07/31/2030

3.68 4.19
US TREASURY N/B 91282CNX5 16,460,000.00 Nomura 97.83 16,103,147.20 (269,409.05) (282,842.85) DTD 09/02/2025 3.625% 08/31/2030

3.78 4.23
US TREASURY N/B 91282CPA3 1,225,000.00 Citigrou 97.80 1,198,012.02 (23,542.67) (24,022.29) DTD 09/30/2025 3.625% 09/30/2030

3.86 4.20
US TREASURY N/B 91282CPA3 1,500,000.00 JPMorgan 97.80 1,466,953.50 (26,601.19) (27,413.68) DTD 09/30/2025 3.625% 09/30/2030

3.86 4.20
US TREASURY N/B 91282CPN5 7,075,000.00 GoldmanS 97.20 6,876,567.48 (158,082.91) (162,366.85) DTD 12/01/2025 3.500% 11/30/2030

4.03 4.20
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 19 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CPR6 695,000.00 HSBC 97.64 678,629.27 (12,977.17) (13,283.87) DTD 12/31/2025 3.625% 12/31/2030

4.11 4.21
US TREASURY N/B 91282CPW5 3,845,000.00 Nomura 98.11 3,772,456.39 (72,393.41) (72,415.21) DTD 02/02/2026 3.750% 01/31/2031

4.10 4.21
US TREASURY N/B 91282CPW5 4,960,000.00 BMO 98.11 4,866,419.68 (78,274.07) (79,421.01) DTD 02/02/2026 3.750% 01/31/2031

4.10 4.21
US TREASURY N/B 91282CQD6 5,250,000.00 Citigrou 97.07 5,095,986.00 (67,881.19) (72,515.74) DTD 03/02/2026 3.500% 02/28/2031

4.21 4.20
US TREASURY N/B 91282CKN0 1,915,000.00 Nomura 101.79 1,949,261.27 (6,133.26) (6,117.98) DTD 04/30/2024 4.625% 04/30/2031

4.27 4.21
Security Type Sub-Total 184,197,000.00 182,333,830.98 (749,037.90) (1,454,584.65) 2.68 4.13 Municipal Bond / Note
HAWAII ST-TXBL-GP (CALLABLE) 419792S23 1,130,000.00 BOFAML 01/01/31 98.95 1,118,180.20 (11,819.80) (11,819.80) DTD 04/30/2026 4.212% 04/01/2031

4.15 4.47
Security Type Sub-Total 1,130,000.00 1,118,180.20 (11,819.80) (11,819.80) 4.15 4.47 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,319,655.46 Citigrou 99.54 2,309,096.38 60,842.82 (2,405.32) DTD 01/01/2017 3.347% 11/01/2026

0.33 4.09
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 99.27 3,970,744.00 197,619.00 16,923.68 DTD 05/01/2017 3.224% 03/01/2027

0.55 4.17
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 99.10 2,254,536.38 109,549.08 8,341.02 DTD 07/01/2017 3.243% 04/01/2027

0.71 4.23
FHMS K066 A2 3137F2LJ3 3,476,273.72 CantorFi 98.95 3,439,640.75 188,781.66 21,065.39 DTD 08/01/2017 3.117% 06/01/2027

0.81 4.18
FHMS K507 A1 3137HAMR4 3,148,681.70 BOFAML 100.46 3,163,096.36 63,826.93 35,905.96 DTD 09/01/2023 4.800% 04/01/2028

1.53 4.35
FHMS K506 A1 3137HAMG8 1,835,113.39 WellsFar 100.25 1,839,640.62 31,971.36 16,469.89 DTD 09/01/2023 4.650% 05/01/2028

1.54 4.34
FHMS KJ46 A1 3137HAD45 2,668,617.62 JPMorgan 100.21 2,674,296.44 5,745.53 5,705.77 DTD 07/01/2023 4.777% 06/01/2028

1.20 4.28
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 100.45 3,515,648.50 (19,309.50) 1,586.55 DTD 07/01/2023 4.819% 06/01/2028

1.75 4.44
FNA 2023-M6 A2 3136BQDE6 3,207,014.25 JPMorgan 99.34 3,186,005.10 33,359.77 1,538.50 DTD 07/01/2023 4.190% 07/01/2028

1.89 4.43
FHMS KJ47 A1 3137HAMN3 1,037,381.91 JPMorgan 100.38 1,041,364.42 3,987.70 3,984.64 DTD 09/01/2023 5.272% 08/01/2028

0.88 4.48
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 100.19 3,807,284.60 63,498.00 33,532.87 DTD 09/01/2023 4.650% 08/01/2028

1.91 4.43
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 100.39 3,865,018.85 99,472.45 55,281.15 DTD 10/01/2023 4.740% 08/01/2028

1.94 4.44
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 100.56 2,906,117.53 108,259.40 62,110.90 DTD 10/01/2023 4.850% 09/01/2028

2.02 4.48
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 100.52 3,819,737.20 65,158.60 41,896.67 DTD 09/01/2023 4.800% 09/01/2028

1.97 4.44
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 101.07 1,480,644.73 19,880.04 17,776.29 DTD 11/01/2023 5.069% 10/01/2028

2.05 4.46
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 100.69 2,139,683.75 20,788.87 17,773.88 DTD 12/01/2023 4.860% 10/01/2028

2.09 4.44
FHMS K512 A2 3137HBCF9 1,782,150.42 JPMorgan 101.01 1,800,102.02 1,309.88 9,325.35 DTD 12/01/2023 5.000% 11/01/2028

2.10 4.43
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 100.37 2,197,995.69 (13,880.22) (3,655.68) DTD 01/01/2024 4.724% 12/01/2028

2.22 4.49
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 100.00 2,220,062.16 (22,135.62) (11,861.04) DTD 02/01/2024 4.572% 12/01/2028

2.18 4.49
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 101.92 2,767,070.99 (13,482.69) 14,623.35 DTD 03/01/2024 5.400% 01/01/2029

2.33 4.51
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 101.83 3,416,265.66 (39,337.37) 5,168.38 DTD 03/01/2024 5.355% 01/01/2029

2.34 4.51
FHMS K515 A2 3137HBPD0 3,750,000.00 WellsFar 101.83 3,818,745.00 (32,280.00) 12,962.62 DTD 02/01/2024 5.400% 01/01/2029

2.24 4.50
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 102.14 3,830,336.25 (32,152.50) 17,752.24 DTD 03/01/2024 5.477% 01/01/2029

2.28 4.47
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 101.52 2,157,342.50 23,717.12 27,177.28 DTD 04/01/2024 5.180% 03/01/2029

2.45 4.50
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 100.50 3,261,082.22 (3,845.32) 3,372.89 DTD 07/01/2024 4.720% 05/01/2029

2.62 4.48
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 100.16 3,505,628.00 (27,111.00) (15,540.00) DTD 08/01/2024 4.543% 07/01/2029

2.78 4.44
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 100.78 4,010,988.28 10,264.42 16,349.12 DTD 11/01/2024 4.792% 09/01/2029

2.91 4.49
FHMS K557 A2 3137HQSP7 1,985,000.00 MorganSt 97.69 1,939,114.74 (45,847.54) (45,852.01) DTD 03/01/2026 3.936% 01/01/2031

4.07 4.51
FHMS K558 A2 3137HQSV4 2,000,000.00 BMO 98.48 1,969,676.00 (35,524.00) (35,352.10) DTD 03/01/2026 4.130% 03/01/2031

4.07 4.50
Security Type Sub-Total 81,994,888.46 82,306,965.12 823,126.87 331,958.24 1.98 4.41 Corporate Note
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 98.83 360,736.07 (3,643.43) (4,196.72) DTD 01/24/2022 1.950% 01/15/2027

0.53 4.16
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 99.47 2,984,211.00 70,041.00 (3,404.13) DTD 02/06/2017 3.300% 02/06/2027

0.57 4.20
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 98.34 3,550,149.81 144,475.81 (6,681.22) DTD 09/14/2017 2.800% 09/14/2027

1.14 4.25
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 99.00 1,519,602.42 116,044.47 33,440.23 DTD 02/24/2022 2.947% 02/24/2028

0.63 4.75
KENVUE INC (CALLABLE) 49177JAF9 2,300,000.00 JPMorgan 02/22/28 100.96 2,322,135.20 (32,167.80) (12,255.35) DTD 10/17/2023 5.050% 03/22/2028

1.57 4.46
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 101.24 501,135.03 (596.97) 3,393.61 DTD 07/14/2023 4.950% 07/14/2028

1.88 4.30
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 101.24 906,092.63 2,402.18 7,545.80 DTD 07/14/2023 4.950% 07/14/2028

1.88 4.30
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 101.24 1,179,439.01 16,174.86 15,145.89 DTD 07/14/2023 4.950% 07/14/2028

1.88 4.30
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 101.10 1,142,416.44 19,501.54 15,422.36 DTD 08/10/2023 4.950% 08/10/2028

1.95 4.38
NATIONAL RURAL UTIL COOP (CALLABLE) 63743HFZ0 1,550,000.00 MUFG 07/25/28 99.18 1,537,317.90 (10,946.10) (11,417.43) DTD 08/25/2025 4.150% 08/25/2028

1.98 4.55
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 101.67 2,846,664.80 51,536.80 48,955.30 DTD 09/11/2023 5.250% 09/11/2028

2.03 4.45
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 102.88 5,812,917.75 162,917.75 162,917.75 DTD 09/29/2023 5.803% 09/29/2028

2.01 4.45
BANK OF AMERICA CORP (CALLABLE) 06051GMK2 2,060,000.00 Citigrou 01/24/28 100.55 2,071,253.78 (11,571.02) (1,801.43) DTD 01/24/2025 4.979% 01/24/2029

1.46 4.60
ALPHABET INC (CALLABLE) 02079KBJ5 610,000.00 JPMorgan 01/15/29 98.38 600,097.87 (7,687.83) (7,957.19) DTD 02/13/2026 3.700% 02/15/2029

2.42 4.36
ALPHABET INC (CALLABLE) 02079KBJ5 655,000.00 SEEL 01/15/29 98.38 644,367.39 (9,931.76) (10,018.19) DTD 02/13/2026 3.700% 02/15/2029

2.42 4.36
ALPHABET INC (CALLABLE) 02079KBJ5 655,000.00 StifelNi 01/15/29 98.38 644,367.39 (9,984.16) (10,063.56) DTD 02/13/2026 3.700% 02/15/2029

2.42 4.36
ALPHABET INC (CALLABLE) 02079KBJ5 3,925,000.00 JPMorgan 01/15/29 98.38 3,861,285.48 (59,711.02) (60,207.43) DTD 02/13/2026 3.700% 02/15/2029

2.42 4.36
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 99.96 1,899,184.90 (815.10) (815.10) DTD 08/20/2024 4.530% 02/20/2029

1.54 4.59
CATERPILLAR FINL SERVICE 14913UBJ8 2,790,000.00 Barclays 98.39 2,745,025.20 (41,292.00) (41,706.08) DTD 02/24/2026 3.750% 02/23/2029

2.46 4.40
CISCO SYSTEMS INC (CALLABLE) 17275RBR2 170,000.00 Citigrou 01/26/29 101.06 171,805.23 (2,657.27) (1,819.19) DTD 02/26/2024 4.850% 02/26/2029

2.39 4.42
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 100.99 368,622.26 4,282.91 3,997.55 DTD 03/14/2024 4.700% 03/14/2029

2.44 4.32
SALESFORCE INC (CALLABLE) 79466LAR5 3,250,000.00 Citigrou 02/15/29 99.95 3,248,316.50 (968.50) (1,038.19) DTD 03/13/2026 4.650% 03/15/2029

2.45 4.67
DEPOSITORY TRUST COMPANY 249672AC0 5,500,000.00 MUFG 02/27/29 99.49 5,472,054.50 (33,060.50) (32,674.86) (CALLABLE)
DTD 03/27/2026 4.300% 03/27/2029

2.50 4.50
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 100.98 1,307,654.74 10,945.34 11,673.96 DTD 04/04/2024 4.800% 04/04/2029

2.49 4.42
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 100.98 1,595,439.76 17,793.96 16,806.84 DTD 04/04/2024 4.800% 04/04/2029

2.49 4.42
BANK OF NEW YORK MELLON (CALLABLE) 06405LAH4 2,700,000.00 JPMorgan 04/20/28 100.42 2,711,383.20 (15,832.80) (5,634.82) DTD 04/22/2025 4.729% 04/20/2029

1.70 4.58
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 100.31 1,940,986.89 8,986.14 7,886.96 DTD 07/17/2024 4.500% 07/17/2029

2.72 4.39
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 99.48 656,547.54 (2,007.06) (2,517.16) DTD 08/14/2024 4.200% 08/14/2029

2.82 4.38
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 99.48 2,278,021.01 (15,322.39) (14,147.76) DTD 08/14/2024 4.200% 08/14/2029

2.82 4.38
BANK OF NY MELLON CORP (CALLABLE) 06406RCG0 1,165,000.00 MorganSt 01/22/29 98.61 1,148,773.88 (16,226.12) (16,226.12) DTD 01/22/2026 4.026% 01/22/2030

2.47 4.54
BANK OF NY MELLON CORP (CALLABLE) 06406RCG0 2,310,000.00 JANE 01/22/29 98.61 2,277,826.32 (28,108.08) (28,512.94) DTD 01/22/2026 4.026% 01/22/2030

2.47 4.54
PEPSICO INC (CALLABLE) 713448GB8 730,000.00 MorganSt 01/07/30 100.79 735,781.60 7,008.00 6,691.45 DTD 02/07/2025 4.600% 02/07/2030

3.20 4.37
APPLE INC (CALLABLE) 037833DU1 1,834,000.00 JPMorgan 02/11/30 90.45 1,658,764.97 27,201.89 (11,107.71) DTD 05/11/2020 1.650% 05/11/2030

3.65 4.41
APPLE INC (CALLABLE) 037833DU1 4,890,000.00 SUSQ 02/11/30 90.45 4,422,770.28 72,968.58 (29,256.88) DTD 05/11/2020 1.650% 05/11/2030

3.65 4.41
CHARLES SCHWAB CORP (CALLABLE) 808513CQ6 770,000.00 GoldmanS 05/21/29 100.19 771,451.45 1,451.45 1,451.45 DTD 05/21/2026 4.744% 05/21/2030

2.67 4.61
CHARLES SCHWAB CORP (CALLABLE) 808513CQ6 2,480,000.00 UBSS 05/21/29 100.19 2,484,674.80 5,914.80 5,876.61 DTD 05/21/2026 4.744% 05/21/2030

2.67 4.61
JPMORGAN CHASE & CO (CALLABLE) 46647PEJ1 4,330,000.00 CIDLY 07/22/29 100.68 4,359,318.43 (52,302.07) (47,411.46) DTD 07/22/2024 4.995% 07/22/2030

2.75 4.80
NOVARTIS CAPITAL CORP (CALLABLE) 66989HAY4 5,525,000.00 JPMorgan 10/05/30 98.25 5,428,069.40 (80,355.60) (82,361.63) DTD 11/05/2025 4.100% 11/05/2030

3.89 4.58
CATERPILLAR FINL SERVICE 14913UBH2 430,000.00 Citigrou 98.40 423,118.28 (6,726.92) (6,741.31) DTD 01/08/2026 4.150% 01/08/2031

4.00 4.55
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 1,790,000.00 Citigrou 12/13/30 98.32 1,759,838.50 (30,161.50) (30,161.50) DTD 01/13/2026 4.248% 01/13/2031

3.97 4.66
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 2,460,000.00 SMBC 12/13/30 98.32 2,418,549.00 (47,256.60) (46,763.47) DTD 01/13/2026 4.248% 01/13/2031

3.97 4.66
VISA INC (CALLABLE) 92826CAZ5 4,920,000.00 BBVA 01/12/31 98.91 4,866,406.44 (94,773.96) (92,265.42) DTD 02/12/2026 4.100% 02/12/2031

4.08 4.36
BANK OF AMERICA CORP (CALLABLE) 06051GHZ5 4,060,000.00 CIDLY 02/13/30 92.41 3,751,943.44 (11,392.36) (27,268.84) DTD 02/13/2020 2.496% 02/13/2031

3.36 4.88
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
AMAZON.COM INC (CALLABLE) 023135DD5 6,000,000.00 JPMorgan 02/13/31 98.47 5,907,930.00 (19,050.00) (20,881.66) DTD 03/13/2026 4.250% 03/13/2031

4.13 4.65
DEPOSITORY TRUST COMPANY 249672AA4 1,025,000.00 Citigrou 02/27/31 99.42 1,019,017.08 (5,121.92) (5,166.01) (CALLABLE)
DTD 03/27/2026 4.550% 03/27/2031

4.14 4.70
WALMART INC (CALLABLE) 931142FT5 1,445,000.00 Citigrou 03/30/31 98.85 1,428,405.62 (13,502.08) (13,603.27) DTD 04/30/2026 4.150% 04/30/2031

4.28 4.42
META PLATFORMS INC (CALLABLE) 30303MAF9 2,221,000.00 SUSQ 04/15/31 99.46 2,209,051.02 977.24 792.89 DTD 05/04/2026 4.550% 05/15/2031

4.27 4.71
META PLATFORMS INC (CALLABLE) 30303MAF9 4,280,000.00 Citigrou 04/15/31 99.46 4,256,973.60 1,326.80 994.73 DTD 05/04/2026 4.550% 05/15/2031

4.27 4.71
MASTERCARD INC (CALLABLE) 57636QBL7 1,000,000.00 BBVA 05/08/31 99.85 998,463.00 (167.00) (183.16) DTD 06/08/2026 4.600% 06/08/2031

4.33 4.63
MASTERCARD INC (CALLABLE) 57636QBL7 1,580,000.00 BBVA 05/08/31 99.85 1,577,571.54 20.54 (6.74) DTD 06/08/2026 4.600% 06/08/2031

4.33 4.63
MASTERCARD INC (CALLABLE) 57636QBL7 3,920,000.00 JPMorgan 05/08/31 99.85 3,913,974.96 (2,889.04) (2,925.37) DTD 06/08/2026 4.600% 06/08/2031

4.33 4.63
NVIDIA CORP (CALLABLE) 67066GAR5 2,940,000.00 GoldmanS 05/15/31 99.65 2,929,592.40 (4,821.60) (4,867.14) DTD 06/18/2026 4.500% 06/15/2031

4.36 4.58
Security Type Sub-Total 118,940,000.00 117,627,497.71 70,921.50 (351,073.06) 2.91 4.53 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 100.06 3,502,215.50 2,215.50 2,215.50 DTD 07/20/2023 5.080% 07/17/2026

0.04 3.56
Security Type Sub-Total 3,500,000.00 3,502,215.50 2,215.50 2,215.50 0.04 3.56 Bank Note
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 100.84 1,371,403.60 11,403.60 11,403.60 DTD 05/30/2024 5.504% 05/26/2028

0.87 4.52
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 100.84 2,662,136.40 16,566.00 20,483.19 DTD 05/30/2024 5.504% 05/26/2028

0.87 4.52
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Bank Note
MORGAN STANLEY PVT BANK (CALLABLE) 61776NU43 2,000,000.00 CIDLY 02/08/29 98.69 1,973,876.00 (26,824.00) (26,739.02) DTD 02/02/2026 4.213% 02/08/2030

2.41 4.69
Security Type Sub-Total 6,000,000.00 6,007,416.00 1,145.60 5,147.77 1.38 4.58 Asset-Backed Security
KCOT 2023-2A A3 500945AC4 362,942.02 JPMorgan 100.36 364,246.08 1,395.73 1,335.74 DTD 07/26/2023 5.280% 01/18/2028

0.34 4.29
BAAT 2023-1A A3 06428AAC2 314,447.60 BOFAML 100.36 315,592.19 1,156.50 1,148.85 DTD 07/31/2023 5.530% 02/15/2028

0.27 4.24
HAROT 2023-3 A3 43815QAC1 556,094.77 BOFAML 100.42 558,446.49 2,466.39 2,393.38 DTD 08/22/2023 5.410% 02/18/2028

0.29 3.99
TAOT 2023-C A3 89231FAD2 226,648.55 BNPPSA 100.30 227,334.61 737.33 705.75 DTD 08/15/2023 5.160% 04/17/2028

0.31 4.24
USAOT 2023-A A3 90291VAC4 503,839.77 JPMorgan 100.32 505,469.69 1,718.09 1,667.46 DTD 09/15/2023 5.580% 05/15/2028

0.20 3.97
BAAT 2023-2A A3 06054YAC1 1,017,871.28 BOFAML 100.47 1,022,684.79 4,831.93 4,821.03 DTD 11/21/2023 5.740% 06/15/2028

0.34 4.40
TAOT 2023-D A3 89239FAD4 397,286.92 JPMorgan 100.63 399,793.41 2,549.32 2,526.33 DTD 11/14/2023 5.540% 08/15/2028

0.49 4.32
FITAT 2023-1 A3 31680EAD3 780,092.50 JPMorgan 100.43 783,465.62 3,421.49 3,393.75 DTD 08/23/2023 5.530% 08/15/2028

0.34 4.32
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 100.25 3,027,607.38 8,444.52 8,003.18 DTD 09/15/2023 5.160% 09/15/2028

0.21 3.96
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 100.28 3,098,658.18 8,796.30 8,722.42 DTD 09/19/2023 5.230% 09/15/2028

0.21 3.89
HART 2023-C A3 44918CAD4 513,690.65 BNPPSA 100.56 516,572.97 2,949.87 2,915.42 DTD 11/13/2023 5.540% 10/16/2028

0.40 4.20
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 100.32 1,369,363.91 4,547.23 4,455.35 DTD 12/14/2023 4.980% 11/15/2028

0.37 4.15
GMCAR 2024-1 A3 36268GAD7 181,591.65 Barclays 100.28 182,093.75 538.61 521.46 DTD 01/17/2024 4.850% 12/18/2028

0.43 4.26
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.22 3,397,461.39 7,977.69 7,737.10 DTD 01/31/2024 4.600% 01/15/2029

0.52 4.22
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
KCOT 2025-1A A3 50117FAC5 1,550,000.00 JPMorgan 100.24 1,553,730.85 3,784.01 3,765.03 DTD 02/19/2025 4.670% 06/15/2029

1.42 4.55
HART 2025-A A3 44935CAD3 2,525,000.00 Barclays 100.05 2,526,161.50 1,533.94 1,432.00 DTD 03/12/2025 4.320% 10/15/2029

0.94 4.31
HART 2025-B A3 44935XAD7 960,000.00 JPMorgan 100.03 960,294.72 381.41 362.46 DTD 06/11/2025 4.360% 12/17/2029

1.18 4.37
USAOT 2025-A A3 90327HAC3 960,000.00 JPMorgan 99.57 955,908.48 (4,007.23) (4,023.30) DTD 10/09/2025 3.950% 12/17/2029

1.19 4.34
HAROT 2025-3 A3 43813QAD1 2,355,000.00 Barclays 99.56 2,344,609.74 (10,341.04) (10,350.46) DTD 08/12/2025 4.040% 02/21/2030

1.36 4.40
ALLYA 2025-1 A3 02008KAC7 860,000.00 Barclays 99.62 856,704.48 (3,172.71) (3,191.94) DTD 10/16/2025 3.960% 03/15/2030

1.02 4.38
TAOT 2025-C A3 89238VAD0 1,635,000.00 RBC Capi 99.70 1,630,114.62 (4,713.05) (4,745.11) DTD 07/30/2025 4.110% 03/15/2030

1.32 4.37
HART 2025-C A3 44935JAD8 2,040,000.00 Citigrou 99.28 2,025,293.64 (14,373.43) (14,433.63) DTD 09/17/2025 3.880% 04/15/2030

1.47 4.40
GMCAR 2025-2 A3 362549AD9 680,000.00 TD Secur 100.01 680,085.00 185.10 163.41 DTD 05/14/2025 4.280% 04/16/2030

0.94 4.30
BACCT 2025-A1 A 05522RDK1 1,830,000.00 BOFAML 99.96 1,829,317.41 (675.64) (682.59) DTD 06/12/2025 4.310% 05/15/2030

1.76 4.37
HAROT 2025-4 A3 43814XAD5 1,745,000.00 BOFAML 99.26 1,732,074.79 (12,587.38) (12,631.53) DTD 11/12/2025 3.980% 06/17/2030

1.54 4.50
TAOT 2025-D A3 89231GAD0 2,575,000.00 JPMorgan 99.25 2,555,674.63 (19,029.25) (19,070.26) DTD 10/23/2025 3.840% 06/17/2030

1.48 4.38
CCCIT 2025-A1 A 17305EHA6 3,990,000.00 Citigrou 99.83 3,983,256.90 (5,660.61) (5,863.15) DTD 06/26/2025 4.300% 06/21/2030

1.87 4.39
CHAOT 2025-1A A3 16145NAC5 1,135,000.00 JPMorgan 99.92 1,134,068.17 (820.94) (840.55) DTD 07/30/2025 4.290% 06/25/2030

1.43 4.39
COPAR 2025-1 A3 14043YAD7 965,000.00 JPMorgan 99.10 956,282.19 (8,513.42) (8,541.22) DTD 11/05/2025 3.850% 07/15/2030

1.42 4.52
AMXCA 2025-4 A 02582JKV1 2,265,000.00 Barclays 99.87 2,262,035.12 (2,638.49) (2,696.59) DTD 07/22/2025 4.300% 07/15/2030

1.91 4.41
CHAIT 2025-A1 A 161571HZ0 3,190,000.00 JPMorgan 99.61 3,177,543.05 (12,392.83) (12,409.58) DTD 07/25/2025 4.160% 07/15/2030

1.92 4.40
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Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
COMET 2025-A1 A 14041NGF2 2,565,000.00 WellsFar 98.84 2,535,181.88 (29,331.80) (29,410.16) DTD 09/16/2025 3.820% 09/15/2030

2.07 4.41
TAOT 2026-A A3 89240KAD0 1,040,000.00 BNP Sec 99.04 1,030,012.88 (9,898.51) (9,906.45) DTD 01/21/2026 3.860% 09/16/2030

1.68 4.46
HART 2025-D A3 44891XAD9 1,810,000.00 BNP Sec 99.25 1,796,491.97 (13,354.90) (13,375.00) DTD 11/12/2025 3.990% 09/16/2030

1.75 4.45
HAROT 2026-1 A3 43815CAD0 1,005,000.00 MUFG 98.83 993,248.53 (11,591.37) (11,606.40) DTD 02/18/2026 3.780% 09/23/2030

1.95 4.41
BAAT 2026-1A A3 05620EAD0 1,110,000.00 BOFAML 99.34 1,102,652.91 (7,177.15) (7,186.10) DTD 04/24/2026 4.180% 10/15/2030

1.72 4.60
FORDO 2026-A A3 34532WAD7 1,655,000.00 Barclays 99.28 1,643,087.31 (11,596.42) (11,619.95) DTD 03/24/2026 4.050% 10/15/2030

2.06 4.44
CHAOT 2025-2A A3 16144MAD6 1,585,000.00 JPMorgan 99.13 1,571,231.11 (13,706.12) (13,718.53) DTD 10/29/2025 3.860% 10/25/2030

1.65 4.42
HAROT 2026-2 A3 43814YAD3 2,675,000.00 Barclays 99.74 2,668,160.03 (6,762.66) (6,765.44) DTD 05/13/2026 4.300% 11/15/2030

2.15 4.46
TAOT 2026-B A3 89240QAD7 1,685,000.00 MIZU 99.42 1,675,173.08 (9,471.55) (9,491.27) DTD 04/21/2026 4.130% 12/16/2030

2.14 4.44
HART 2026-A A3 448981AD2 690,000.00 BOFAML 98.67 680,835.42 (9,118.01) (9,123.61) DTD 02/18/2026 3.790% 02/18/2031

2.02 4.48
VZMT 2026-1 A1A 92348KFC2 3,620,000.00 SMBC 99.26 3,593,143.22 (26,352.88) (26,381.98) DTD 03/13/2026 3.940% 02/20/2031

2.08 4.51
BACCT 2026-A1 A 05522RDL9 3,690,000.00 BOFAML 99.64 3,676,811.94 (12,816.85) (12,836.62) DTD 05/14/2026 4.220% 04/15/2031

2.58 4.40
Security Type Sub-Total 70,109,505.72 69,897,976.03 (202,688.78) (204,831.30) 1.43 4.35 Managed Account Sub-Total 465,871,394.18 462,794,081.54 (66,137.01) (1,682,987.30) 2.39 4.32 Total Investments $466,534,892.66
$3,740,811.12
$462,794,081.54
Accrued Interest
Securities Sub-Total $465,871,394.18 ($66,137.01) ($1,682,987.30) 2.39 4.32% PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 28 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
06/04/26 META PLATFORMS INC (CALLABLE)
DTD 05/04/2026 4.550% 05/15/2031
06/03/26 30303MAF9 4,280,000.00 (4,255,646.80) (16,228.33) (4,271,875.13) 06/04/26 META PLATFORMS INC (CALLABLE)
DTD 05/04/2026 4.550% 05/15/2031
06/03/26 30303MAF9 2,221,000.00 (2,208,073.78) (8,421.29) (2,216,495.07) 06/08/26 MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
06/04/26 57636QBL7 3,920,000.00 (3,916,864.00) 0.00 (3,916,864.00) 06/10/26 MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
06/09/26 57636QBL7 1,000,000.00 (998,630.00) (255.56) (998,885.56) 06/10/26 MASTERCARD INC (CALLABLE)
DTD 06/08/2026 4.600% 06/08/2031
06/09/26 57636QBL7 1,580,000.00 (1,577,551.00) (403.78) (1,577,954.78) 06/18/26 NVIDIA CORP (CALLABLE)
DTD 06/18/2026 4.500% 06/15/2031
06/15/26 67066GAR5 2,940,000.00 (2,934,414.00) 0.00 (2,934,414.00) 06/30/26 US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2031
06/26/26 91282CKN0 1,915,000.00 (1,955,394.53) (14,681.23) (1,970,075.76) Transaction Type Sub-Total 17,856,000.00 (17,846,574.11) (39,990.19) (17,886,564.30)

INTEREST
06/01/26 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
06/01/26 MONEY0002 0.00 2,067.15 2,067.15
06/25/26 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
06/01/26 3137HC2L5 0.00 12,217.50 12,217.50
06/25/26 FHMS K558 A2
DTD 03/01/2026 4.130% 03/01/2031
06/01/26 3137HQSV4 0.00 6,883.33 6,883.33
06/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
06/01/26 3137HAD45 0.00 12,071.53 12,071.53
06/25/26 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
06/01/26 3137HACX2 0.00 14,055.42 14,055.42
06/25/26 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
06/01/26 3137HDXL9 0.00 13,250.42 13,250.42
06/25/26 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
06/01/26 3137HAQ74 0.00 15,207.50 15,207.50
06/25/26 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
06/01/26 3137HB3G7 0.00 8,606.25 8,606.25
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Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
06/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
06/01/26 3137BTUM1 0.00 6,484.05 6,484.05
06/25/26 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
06/01/26 3137HC2C5 0.00 14,971.69 14,971.69
06/25/26 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
06/01/26 3137HAMN3 0.00 4,579.22 4,579.22
06/25/26 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
06/01/26 3137HBPD0 0.00 16,875.00 16,875.00
06/25/26 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
06/01/26 3137HDV56 0.00 12,763.67 12,763.67
06/25/26 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
06/01/26 3137HAMS2 0.00 15,200.00 15,200.00
06/25/26 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
06/01/26 3137HCKV3 0.00 9,172.92 9,172.92
06/25/26 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
06/01/26 3137F2LJ3 0.00 9,043.64 9,043.64
06/25/26 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
06/01/26 3137HBLV4 0.00 8,458.20 8,458.20
06/25/26 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
06/01/26 3137HBCF9 0.00 7,426.52 7,426.52
06/25/26 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
06/01/26 3137F1G44 0.00 6,148.19 6,148.19
06/25/26 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
06/01/26 3137HAMH6 0.00 14,725.00 14,725.00
06/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
06/01/26 3136BQDE6 0.00 11,198.66 11,198.66
06/25/26 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
06/01/26 3137HHJL6 0.00 15,893.47 15,893.47
06/25/26 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
06/01/26 3137BXQY1 0.00 10,746.67 10,746.67
06/25/26 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
06/01/26 3137HBPM0 0.00 17,115.63 17,115.63
06/25/26 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
06/01/26 3137HB3D4 0.00 6,188.40 6,188.40
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
06/25/26 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
06/01/26 3137HBFY5 0.00 8,621.30 8,621.30
06/25/26 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
06/01/26 3137HAST4 0.00 11,680.42 11,680.42
06/25/26 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
06/01/26 3137HAMR4 0.00 12,685.54 12,685.54
06/25/26 FHMS K557 A2
DTD 03/01/2026 3.936% 01/01/2031
06/01/26 3137HQSP7 0.00 6,510.80 6,510.80
06/25/26 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
06/01/26 3137HAMG8 0.00 7,129.80 7,129.80
06/15/26 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06/15/26 06054YAC1 0.00 5,483.49 5,483.49
06/15/26 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
06/15/26 44935XAD7 0.00 3,488.00 3,488.00
06/15/26 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/15/2030
06/15/26 14041NGF2 0.00 8,165.25 8,165.25
06/15/26 BAAT 2026-1A A3
DTD 04/24/2026 4.180% 10/15/2030
06/15/26 05620EAD0 0.00 3,866.50 3,866.50
06/15/26 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
06/15/26 14043YAD7 0.00 3,096.04 3,096.04
06/15/26 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
06/15/26 90327HAC3 0.00 3,160.00 3,160.00
06/15/26 HAROT 2026-2 A3
DTD 05/13/2026 4.300% 11/15/2030
06/15/26 43814YAD3 0.00 10,224.44 10,224.44
06/15/26 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
06/15/26 89238VAD0 0.00 5,599.88 5,599.88
06/15/26 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
06/15/26 44935JAD8 0.00 6,596.00 6,596.00
06/15/26 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06/15/26 06428AAC2 0.00 1,697.77 1,697.77
06/15/26 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
06/15/26 89231FAD2 0.00 1,108.82 1,108.82
06/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
06/15/26 31680EAD3 0.00 4,038.76 4,038.76
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
06/15/26 HAROT 2025-4 A3
DTD 11/12/2025 3.980% 06/17/2030
06/15/26 43814XAD5 0.00 5,787.58 5,787.58
06/15/26 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
06/15/26 44918CAD4 0.00 2,633.99 2,633.99
06/15/26 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
06/15/26 161571HV9 0.00 12,995.00 12,995.00
06/15/26 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
06/15/26 05522RDK1 0.00 6,572.75 6,572.75
06/15/26 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
06/15/26 161571HT4 0.00 12,986.00 12,986.00
06/15/26 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
06/15/26 50117FAC5 0.00 6,032.08 6,032.08
06/15/26 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
06/15/26 89239FAD4 0.00 1,994.26 1,994.26
06/15/26 FORDO 2026-A A3
DTD 03/24/2026 4.050% 10/15/2030
06/15/26 34532WAD7 0.00 5,585.63 5,585.63
06/15/26 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
06/15/26 90291VAC4 0.00 2,858.76 2,858.76
06/15/26 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
06/15/26 02008KAC7 0.00 2,838.00 2,838.00
06/15/26 HART 2026-A A3
DTD 02/18/2026 3.790% 02/18/2031
06/15/26 448981AD2 0.00 2,179.25 2,179.25
06/15/26 BACCT 2026-A1 A
DTD 05/14/2026 4.220% 04/15/2031
06/15/26 05522RDL9 0.00 13,409.05 13,409.05
06/15/26 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
06/15/26 89240KAD0 0.00 3,345.33 3,345.33
06/15/26 TAOT 2026-B A3
DTD 04/21/2026 4.130% 12/16/2030
06/15/26 89240QAD7 0.00 5,799.21 5,799.21
06/15/26 HART 2025-D A3
DTD 11/12/2025 3.990% 09/16/2030
06/15/26 44891XAD9 0.00 6,018.25 6,018.25
06/15/26 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
06/15/26 02582JKV1 0.00 8,116.25 8,116.25
06/15/26 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
06/15/26 500945AC4 0.00 1,814.09 1,814.09
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
06/15/26 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
06/15/26 05522RDH8 0.00 5,664.75 5,664.75
06/15/26 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
06/15/26 161571HZ0 0.00 11,058.67 11,058.67
06/15/26 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
06/15/26 02582JKD1 0.00 13,467.25 13,467.25
06/15/26 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
06/15/26 44935CAD3 0.00 9,090.00 9,090.00
06/15/26 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
06/15/26 89231GAD0 0.00 8,240.00 8,240.00
06/16/26 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
06/16/26 36268GAD7 0.00 807.61 807.61
06/16/26 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
06/16/26 362549AD9 0.00 2,425.33 2,425.33
06/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
06/18/26 43815QAC1 0.00 2,911.71 2,911.71
06/20/26 VZMT 2026-1 A1A
DTD 03/13/2026 3.940% 02/20/2031
06/20/26 92348KFC2 0.00 11,885.67 11,885.67
06/21/26 HAROT 2026-1 A3
DTD 02/18/2026 3.780% 09/23/2030
06/21/26 43815CAD0 0.00 3,165.75 3,165.75
06/21/26 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
06/21/26 17305EHA6 0.00 85,785.00 85,785.00
06/21/26 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
06/21/26 43813QAD1 0.00 7,928.50 7,928.50
06/25/26 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
06/25/26 16144MAD6 0.00 5,098.42 5,098.42
06/25/26 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
06/25/26 16145NAC5 0.00 4,057.63 4,057.63
06/30/26 US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
06/30/26 91282CNK3 0.00 34,971.88 34,971.88
06/30/26 US TREASURY N/B
DTD 12/31/2025 3.625% 12/31/2030
06/30/26 91282CPR6 0.00 12,596.88 12,596.88
06/30/26 US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
06/30/26 91282CGC9 0.00 82,343.75 82,343.75
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 33 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
06/30/26 US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
06/30/26 91282CKX8 0.00 23,268.75 23,268.75
06/30/26 US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
06/30/26 91282CMD0 0.00 270,484.38 270,484.38
Transaction Type Sub-Total 0.00 1,070,720.25 1,070,720.25

PAYDOWNS
06/25/26 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
06/01/26 3137HAMN3 4,928.57 4,928.57 0.00 4,928.57 0.02 0.01 06/25/26 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
06/01/26 3137HBCF9 213.80 213.80 0.00 213.80 (2.00) (1.07) 06/25/26 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
06/01/26 3137F2LJ3 5,399.06 5,399.06 0.00 5,399.06 350.10 97.21 06/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
06/01/26 3137BTUM1 5,072.04 5,072.04 0.00 5,072.04 156.12 21.54 06/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
06/01/26 3137HAD45 64,210.54 64,210.54 0.00 64,210.54 1.61 0.68 06/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
06/01/26 3136BQDE6 240.24 240.24 0.00 240.24 4.07 1.76
06/25/26 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
06/01/26 3137HAMR4 22,704.27 22,704.27 0.00 22,704.27 356.30 161.67 06/25/26 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
06/01/26 3137HAMG8 4,835.41 4,835.41 0.00 4,835.41 72.31 32.77 06/15/26 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
06/15/26 44918CAD4 56,848.62 56,848.62 0.00 56,848.62 7.48 3.73 06/15/26 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06/15/26 06054YAC1 128,503.94 128,503.94 0.00 128,503.94 2.33 0.97 06/15/26 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
06/15/26 89231FAD2 31,216.78 31,216.78 0.00 31,216.78 7.06 2.78 06/15/26 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
06/15/26 89239FAD4 34,683.47 34,683.47 0.00 34,683.47 3.74 1.77 06/15/26 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
06/15/26 500945AC4 49,351.20 49,351.20 0.00 49,351.20 12.47 4.43 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 34 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

PAYDOWNS
06/15/26 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06/15/26 06428AAC2 53,965.69 53,965.69 0.00 53,965.69 2.05 0.75 06/15/26 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
06/15/26 90291VAC4 110,947.63 110,947.63 0.00 110,947.63 19.42 8.45 06/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
06/15/26 31680EAD3 96,310.60 96,310.60 0.00 96,310.60 5.97 2.60 06/16/26 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
06/16/26 36268GAD7 18,228.41 18,228.41 0.00 18,228.41 3.67 1.97 06/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
06/18/26 43815QAC1 89,756.49 89,756.49 0.00 89,756.49 18.51 6.87 Transaction Type Sub-Total 777,416.76 777,416.76 0.00 777,416.76 1,021.23 348.89 SELL
06/04/26 US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
06/03/26 9128282R0 1,050,000.00 1,028,794.92 7,113.61 1,035,908.53 33,304.69 (8,000.66) FIFO 06/04/26 US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
06/03/26 9128282R0 1,200,000.00 1,175,765.63 8,129.83 1,183,895.46 33,140.63 (10,381.95) FIFO 06/04/26 US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
06/03/26 9128282R0 1,935,000.00 1,895,922.07 13,109.36 1,909,031.43 61,375.78 (14,744.08) FIFO 06/04/26 US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
06/03/26 91282CFM8 805,000.00 806,037.70 5,897.28 811,934.98 6,289.07 2,453.11 FIFO 06/04/26 US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
06/03/26 91282CAU5 1,250,000.00 1,190,087.89 594.43 1,190,682.32 125,585.94 (5,707.45) FIFO 06/08/26 US TREASURY N/B
DTD 04/30/2026 3.875% 04/30/2031
06/04/26 91282CQK0 3,975,000.00 3,920,964.84 16,323.96 3,937,288.80 (155.28) (434.63) FIFO 06/10/26 VISA INC (CALLABLE)
DTD 02/12/2026 4.100% 02/12/2031
06/09/26 92826CAZ5 1,580,000.00 1,559,697.00 21,233.44 1,580,930.44 (33,527.60) (32,867.54) FIFO 06/10/26 VISA INC (CALLABLE)
DTD 02/12/2026 4.100% 02/12/2031
06/09/26 92826CAZ5 1,000,000.00 986,120.00 13,438.89 999,558.89 (22,250.00) (21,832.24) FIFO 06/18/26 US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
06/15/26 91282CKX8 55,000.00 55,195.51 1,091.26 56,286.77 629.49 470.21 FIFO 06/18/26 US TREASURY N/B
DTD 04/30/2026 3.875% 04/30/2031
06/15/26 91282CQK0 2,250,000.00 2,219,501.95 11,609.21 2,231,111.16 0.00 (311.03) FIFO PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 35 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending June 30, 2026 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
SELL
06/18/26 US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
06/15/26 91282CKX8 645,000.00 647,443.95 12,797.55 660,241.50 7,533.40 5,665.39 FIFO Transaction Type Sub-Total 15,745,000.00 15,485,531.46 111,338.82 15,596,870.28 211,926.12 (85,690.87) Managed Account Sub-Total (1,583,625.89) 1,142,068.88 (441,557.01) 212,947.35 (85,341.98) Total Security Transactions ($1,583,625.89) $1,142,068.88 ($441,557.01) $212,947.35 ($85,341.98) PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 36 U.S. Bancorp Asset Management, Inc.
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Attachment 3
City of Modesto Combined Yields
Month
Ending
Combined
Yield
CAMP
Balance
CAMP Monthly
Distribution Yields
Long Term Amortized
Cost Balance
Long Term Portfolio
Yield
Short Term
Amortized Cost
Balance
Short Term
Portfolio Yield
6/30/2024 3.76% 50,674,988.39 5.43% 399,326,031.56 3.39% 42,808,365.69 5.27% 7/31/2024 3.79% 50,908,210.76 5.43% 400,074,642.53 3.44% 43,066,591.51 5.14% 8/31/2024 3.65% 36,112,852.04 5.41% 400,899,946.42 3.34% 43,149,544.75 5.10% 9/30/2024 3.73% 21,244,197.28 5.29% 401,135,133.05 3.54% 43,205,826.11 4.78% 10/31/2024 3.80% 35,394,422.01 5.03% 403,285,397.15 3.62% 32,709,563.98 4.65% 11/30/2024 3.83% 36,072,860.08 4.87% 404,702,479.08 3.67% 32,740,820.12 4.65% 12/31/2024 3.84% 28,695,113.02 4.73% 405,389,405.62 3.71% 32,773,649.87 4.65% 1/31/2025 3.92% 28,806,032.00 4.55% 405,929,868.49 3.82% 32,806,480.28 4.65% 2/28/2025 3.96% 28,905,743.58 4.51% 407,804,449.58 3.87% 32,836,151.16 4.65% 3/31/2025 4.09% 44,039,271.43 4.47% 408,339,752.77 4.00% 32,869,009.39 4.65% 4/30/2025 4.09% 44,200,320.85 4.45% 409,488,391.09 4.01% 32,900,814.33 4.65% 5/31/2025 4.11% 79,438,306.43 4.42% 410,441,768.77 4.04% 32,935,133.33 4.31% 6/30/2025 4.14% 79,725,922.37 4.40% 412,622,161.85 4.08% 32,944,543.05 4.31% 7/31/2025 4.14% 59,964,300.41 4.41% 413,979,818.20 4.10% 33,186,228.57 4.08% 8/31/2025 4.15% 60,188,576.00 4.40% 415,507,339.76 4.12% 33,191,772.31 4.08% 9/30/2025 4.20% 50,385,416.20 4.36% 415,105,801.40 4.20% 33,383,909.00 3.97% 10/31/2025 4.20% 50,567,728.74 4.26% 418,980,906.24 4.21% 33,376,279.26 3.97% 11/30/2025 4.22% 50,738,014.85 4.10% 418,324,184.39 4.25% 33,368,986.12 3.97% 12/31/2025 4.21% 40,897,392.32 3.95% 418,804,876.80 4.26% 33,361,531.69 3.97% 1/31/2026 4.23% 31,011,170.63 3.85% 420,801,727.19 4.28% 33,354,002.10 3.97% 2/28/2026 4.21% 31,102,230.57 3.83% 423,583,119.84 4.26% 33,347,145.30 3.97% 3/31/2026 4.20% 31,202,481.58 3.80% 426,758,956.72 4.25% 33,339,545.05 3.97% 4/30/2026 4.19% 61,343,149.62 3.78% 428,599,720.15 4.26% 33,332,182.95 3.97% 5/31/2026 4.21% 51,517,300.19 3.76% 429,424,228.58 4.29% 33,514,206.71 3.88% 6/30/2026 4.24% 51,676,832.19 3.77% 430,980,593.65 4.32% 33,496,475.20 3.88% Notes:

1. Long and Short Term Portfolio AC Balance is the amortized cost value of the separately managed portfolios.

2. Long and Short Term Portfolio Yields are the separately managed portfolios yield at costs. #11..
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings
Rate to June
30, 2026
Expected
Earnings to
June 30, 2026
Main Portfolio
Federal Agency CMBS
FHLMC 2,319,655 11/1/2026 4.090% 0 33,814 4.29% 8,453
FHLMC 4,000,000 3/1/2027 4.150% 1 132,051 4.94% 16,777
FHLMC 2,275,000 4/1/2027 4.200% 1 84,585 4.93% 9,535
FHLMC 3,476,274 6/1/2027 4.150% 1 158,954 4.97% 14,665
FHLMC 3,148,682 4/1/2028 4.300% 2 287,047 5.19% 13,882
FHLMC 1,835,113 5/1/2028 4.300% 2 168,906 5.01% 7,803
FHLMC 3,500,000 6/1/2028 4.400% 2 309,165 4.59% 13,653
FHLMC 2,668,618 6/1/2028 4.230% 2 245,206 4.78% 10,828
FNMA 3,207,014 7/1/2028 4.390% 2 294,291 4.58% 12,463
FHLMC 3,800,000 8/1/2028 4.430% 2 396,137 4.99% 16,095
FHLMC 1,037,382 8/1/2028 4.440% 2 114,326 5.27% 4,645
FHLMC 3,850,000 8/1/2028 4.400% 2 422,661 5.25% 17,172
FHLMC 3,800,000 9/1/2028 4.400% 2 419,490 5.07% 16,378
FHLMC 2,890,000 9/1/2028 4.440% 2 352,340 5.60% 13,756
FHLMC 1,465,000 10/1/2028 4.420% 2 169,836 5.14% 6,389
FHLMC 2,125,000 10/1/2028 4.400% 2 236,313 4.93% 8,890
FHLMC 1,782,150 11/1/2028 4.390% 2 199,856 4.79% 7,246
FHLMC 2,190,000 12/1/2028 4.450% 2 238,870 4.50% 8,367
FHLMC 2,220,000 12/1/2028 4.450% 2 233,875 4.34% 8,192
FHLMC 3,750,000 1/1/2029 4.470% 3 450,465 4.79% 15,245
FHLMC 3,750,000 1/1/2029 4.430% 3 450,681 4.79% 15,252
FHLMC 3,355,000 1/1/2029 4.470% 3 392,921 4.67% 13,298
FHLMC 2,715,000 1/1/2029 4.470% 3 329,155 4.83% 11,140
FHLMC 2,125,000 3/1/2029 4.460% 3 288,649 5.09% 9,178
FHLMC 3,245,000 5/1/2029 4.450% 3 421,499 4.58% 12,612
FHLMC 3,500,000 7/1/2029 4.410% 3 455,796 4.33% 12,880
FHLMC 3,980,000 9/1/2029 4.460% 3 590,150 4.67% 15,785
FHLMC 1,985,000 1/1/2031 4.490% 5 352,368 3.94% 6,636
FHLMC 2,000,000 3/1/2031 4.480% 5 380,388 4.07% 6,916
U.S. Treasury
U.S. Treasury 10,995,000 7/15/2026 3.680% 0 18,462 3.88% 36,208 U.S. Treasury 11,207,000 9/15/2026 3.760% 0 87,322 3.69% 35,156 U.S. Treasury 11,210,000 5/15/2027 4.100% 1 377,468 3.85% 36,682 U.S. Treasury 7,525,000 10/31/2027 4.120% 1 393,489 3.91% 24,996 U.S. Treasury 915,000 10/31/2027 4.170% 1 46,611 3.81% 2,961 U.S. Treasury 3,160,000 10/31/2027 4.170% 1 153,287 3.63% 9,737 U.S. Treasury 4,250,000 12/31/2027 4.170% 2 241,552 3.78% 13,640 U.S. Treasury 115,000 1/31/2028 4.180% 2 6,692 3.66% 358 U.S. Treasury 595,000 1/31/2028 4.180% 2 33,255 3.52% 1,777 U.S. Treasury 1,245,000 2/29/2028 4.160% 2 88,270 4.25% 4,493 U.S. Treasury 880,000 3/31/2028 4.140% 2 53,874 3.49% 2,610 U.S. Treasury 1,220,000 4/15/2028 4.160% 2 83,306 3.81% 3,943 U.S. Treasury 225,000 4/30/2028 4.170% 2 14,040 3.40% 650 U.S. Treasury 545,000 5/15/2028 4.160% 2 36,938 3.61% 1,672 U.S. Treasury 510,000 11/15/2028 4.170% 2 44,193 3.64% 1,576 U.S. Treasury 1,095,000 6/30/2029 4.170% 3 145,583 4.43% 4,118 U.S. Treasury 2,105,000 7/31/2029 4.170% 3 249,947 3.85% 6,875 U.S. Treasury 7,550,000 8/31/2029 4.170% 3 857,307 3.58% 22,950 U.S. Treasury 8,695,000 9/30/2029 4.170% 3 1,008,288 3.56% 26,311 U.S. Treasury 4,850,000 10/31/2029 4.180% 3 677,063 4.18% 17,218 U.S. Treasury 6,315,000 11/30/2029 4.170% 3 882,658 4.08% 21,907 U.S. Treasury 12,365,000 12/31/2029 4.180% 4 1,918,820 4.43% 46,471 U.S. Treasury 3,470,000 1/31/2030 4.180% 4 540,092 4.33% 12,771 U.S. Treasury 5,215,000 1/31/2030 4.180% 4 745,312 3.98% 17,624 U.S. Treasury 8,565,000 2/28/2030 4.180% 4 1,243,912 3.96% 28,799 U.S. Treasury 10,775,000 3/31/2030 4.180% 4 1,572,753 3.89% 35,588 U.S. Treasury 4,690,000 4/30/2030 4.180% 4 692,812 3.85% 15,341 U.S. Treasury 5,400,000 5/31/2030 4.190% 4 847,219 4.00% 18,353 U.S. Treasury 1,805,000 6/30/2030 4.190% 4 275,148 3.81% 5,838 U.S. Treasury 3,780,000 7/31/2030 4.190% 4 615,692 3.98% 12,793 U.S. Treasury 16,460,000 8/31/2030 4.200% 4 2,570,457 3.74% 52,321 U.S. Treasury 1,225,000 9/30/2030 4.200% 4 192,176 3.69% 3,836 U.S. Treasury 1,500,000 9/30/2030 4.200% 4 237,475 3.72% 4,740 U.S. Treasury 7,075,000 11/30/2030 4.200% 4 1,134,365 3.63% 21,788 U.S. Treasury 695,000 12/31/2030 4.210% 5 116,930 3.73% 2,204 U.S. Treasury 4,960,000 1/31/2031 4.210% 5 869,649 3.82% 16,085 U.S. Treasury 3,845,000 1/31/2031 4.210% 5 662,183 3.75% 12,248 U.S. Treasury 5,250,000 2/28/2031 4.200% 5 947,688 3.87% 17,241 U.S. Treasury 1,915,000 4/30/2031 4.210% 5 383,169 4.14% 6,730 Earnings to
Maturity
June 30, 2026
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings
Rate to June
30, 2026
Expected
Earnings to
June 30, 2026
Earnings to
Maturity
June 30, 2026
Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.560% 0 8,281 4.45% 13,224 Corporate Note
Target Corp 365,000 1/15/2027 4.160% 1 3,952 1.99% 616
Microsoft Corp 3,000,000 2/6/2027 4.200% 1 73,691 4.06% 10,337 Home Depot Inc 3,610,000 9/14/2027 4.180% 1 181,354 4.16% 12,748 JPMorgan Chase & Co 1,535,000 2/24/2028 4.720% 2 130,320 5.13% 6,689 Kenvue Inc. 2,300,000 3/22/2028 4.460% 2 163,953 4.12% 8,055 Morgan Stanley 1,360,000 5/26/2028 4.520% 2 142,736 5.50% 6,357 Morgan Stanley 2,640,000 5/26/2028 4.520% 2 274,297 5.45% 12,217 Deere & Company 1,165,000 7/14/2028 4.260% 2 118,513 4.98% 4,931 Deere & Company 495,000 7/14/2028 4.260% 2 46,900 4.64% 1,952 Deere & Company 895,000 7/14/2028 4.260% 2 86,388 4.73% 3,595 Paccar Financial Corp 1,130,000 8/10/2028 4.340% 2 121,746 5.09% 4,889 National Rural Utilities Co Finance Corp 1,550,000 8/25/2028 4.550% 2 140,035 4.19% 5,516 Toyota Motor Corp 2,800,000 9/11/2028 4.420% 2 326,270 5.29% 12,580 Citigroup Inc 5,650,000 9/29/2028 4.420% 2 738,380 5.80% 27,846 Bank Of America Co 2,060,000 1/24/2029 4.570% 3 246,769 4.66% 8,147 Alphabet Inc 610,000 2/15/2029 4.360% 3 61,494 3.83% 1,984 Alphabet Inc 655,000 2/15/2029 4.360% 3 64,461 3.74% 2,079 Alphabet Inc 655,000 2/15/2029 4.360% 3 64,411 3.74% 2,078 Alphabet Inc 3,925,000 2/15/2029 4.360% 3 386,090 3.74% 12,455 State Street Corporation 1,900,000 2/20/2029 4.590% 3 227,791 4.53% 7,310 Caterpillar Inc 2,790,000 2/23/2029 4.400% 3 281,239 3.80% 8,997 Cisco Systems Inc 170,000 2/26/2029 4.420% 3 18,053 3.99% 576 Blackrock Inc. 365,000 3/14/2029 4.300% 3 46,841 4.74% 1,470 Salesforce Inc 3,250,000 3/15/2029 4.670% 3 410,174 4.66% 12,857 Depository Trust Company 5,500,000 3/27/2029 4.500% 3 643,450 4.27% 19,927 Adobe 1,580,000 4/4/2029 4.420% 3 211,132 4.83% 6,487
Adobe 1,295,000 4/4/2029 4.420% 3 170,757 4.77% 5,246
The Bank Of New York Mellon Corporation 2,700,000 4/20/2029 4.580% 3 337,226 4.45% 10,199 Pepsico Inc 1,935,000 7/17/2029 4.390% 3 267,578 4.53% 7,453 Eli Lilly & Co 660,000 8/14/2029 4.380% 3 87,664 4.25% 2,382 Eli Lilly & Co 2,290,000 8/14/2029 4.380% 3 298,320 4.17% 8,105 The Bank Of New York Mellon Corporation 1,165,000 1/22/2030 4.510% 4 167,308 4.03% 3,984 The Bank Of New York Mellon Corporation 2,310,000 1/22/2030 4.510% 4 335,708 4.07% 7,993 Pepsico Inc 730,000 2/7/2030 4.350% 4 122,258 4.64% 2,876 Morgan Stanley 2,000,000 2/8/2030 4.650% 4 303,775 4.20% 7,140 Apple Inc 1,834,000 5/11/2030 4.380% 4 296,630 4.18% 6,517 Apple Inc 4,890,000 5/11/2030 4.380% 4 791,321 4.19% 17,386 Charles Schwab 770,000 5/21/2030 4.610% 4 142,212 4.74% 3,102 Charles Schwab 2,480,000 5/21/2030 4.610% 4 459,366 4.76% 10,021 JPMorgan Chase & Co 4,330,000 7/22/2030 4.770% 4 793,578 4.51% 16,589 Novartis Capital Corp 5,525,000 11/5/2030 4.550% 4 1,002,275 4.17% 19,554 Caterpillar Inc 430,000 1/8/2031 4.550% 5 80,972 4.16% 1,519 Totalenergi Cap USA LLC 1,790,000 1/13/2031 4.660% 5 345,405 4.25% 6,458 Totalenergi Cap USA LLC 2,460,000 1/13/2031 4.660% 5 468,780 4.20% 8,765 Visa Inc 4,920,000 2/12/2031 4.360% 5 889,996 3.91% 16,345 Bank Of America Co 4,060,000 2/13/2031 4.860% 5 781,079 4.16% 14,336 Amazon.Com Inc 6,000,000 3/13/2031 4.610% 5 1,279,113 4.53% 23,094 Depository Trust Company 1,025,000 3/27/2031 4.680% 5 222,095 4.57% 3,977 Wal-Mart Stores Inc 1,445,000 4/30/2031 4.420% 5 293,320 4.20% 5,152 Meta Platforms Inc 2,221,000 5/15/2031 4.690% 5 507,105 4.68% 8,832 Meta Platforms Inc 4,280,000 5/15/2031 4.690% 5 976,595 4.68% 17,008 Mastercard Inc 3,920,000 6/8/2031 4.630% 5 894,732 4.62% 15,375 Mastercard Inc 1,000,000 6/8/2031 4.630% 5 228,881 4.63% 3,933 Mastercard Inc 1,580,000 6/8/2031 4.630% 5 361,952 4.64% 6,220 NVIDIA Corp 2,940,000 6/15/2031 4.580% 5 662,698 4.54% 11,344 Asset-Backed Securities
Kubota Credit Owners Trust 362,942 1/18/2028 4.290% 2 29,804 5.29% 1,630 Bank of America Auto Trust 314,448 2/15/2028 4.240% 2 28,352 5.53% 1,477 Honda Auto Receivables 556,095 2/18/2028 3.990% 2 49,337 5.42% 2,558 Toyota Motor Corp 226,649 4/17/2028 4.240% 2 21,073 5.17% 994 USAA Owners Trust 503,840 5/15/2028 3.970% 2 52,802 5.58% 2,390 Bank of America Auto Trust 1,017,871 6/15/2028 4.370% 2 114,619 5.74% 4,963 Fifth Third Auto Trust 780,092 8/15/2028 4.320% 2 91,856 5.53% 3,665 Toyota Motor Corp 397,287 8/15/2028 4.320% 2 46,875 5.54% 1,870 American Express Co 3,090,000 9/15/2028 3.890% 2 357,818 5.23% 13,728 Chase Issurance 3,020,000 9/15/2028 3.960% 2 345,386 5.17% 13,251 Hyundai Auto Receivables 513,691 10/16/2028 4.200% 2 65,451 5.54% 2,418 Bank Of America Co 1,365,000 11/15/2028 4.150% 2 161,939 4.98% 5,777 Gm Financial Securitized Term 181,592 12/18/2028 4.260% 2 21,785 4.85% 749 Chase Issurance 3,390,000 1/15/2029 4.220% 3 397,620 4.60% 13,254 Kubota Credit Owners Trust 1,550,000 6/15/2029 4.550% 3 214,420 4.67% 6,149 Hyundai Auto Receivables 2,525,000 10/15/2029 4.310% 3 359,807 4.32% 9,272 Hyundai Auto Receivables 960,000 12/17/2029 4.370% 3 145,247 4.36% 3,557 USAA Owners Trust 960,000 12/17/2029 4.340% 3 131,599 3.95% 3,222 Honda Auto Receivables 2,355,000 2/21/2030 4.400% 4 347,238 4.04% 8,081 Ally Auto Receivables Trust 860,000 3/15/2030 4.330% 4 126,445 3.96% 2,895 Toyota Motor Corp 1,635,000 3/15/2030 4.370% 4 249,430 4.11% 5,711 Hyundai Auto Receivables 2,040,000 4/15/2030 4.400% 4 300,646 3.88% 6,729 Gm Financial Securitized Term 680,000 4/16/2030 4.300% 4 110,601 4.28% 2,474 Bank Of America Co 1,830,000 5/15/2030 4.370% 4 305,768 4.31% 6,699 Honda Auto Receivables 1,745,000 6/17/2030 4.500% 4 275,832 3.98% 5,905 Toyota Motor Corp 2,575,000 6/17/2030 4.380% 4 392,545 3.84% 8,404 Citigroup Inc 3,990,000 6/21/2030 4.390% 4 683,504 4.31% 14,593 Chase Auto Owner Trust 1,135,000 6/25/2030 4.390% 4 194,332 4.29% 4,138 American Express Co 2,265,000 7/15/2030 4.410% 4 394,142 4.30% 8,278 Capital One Prime Auto Receivables 965,000 7/15/2030 4.520% 4 150,426 3.85% 3,159 Chase Issurance 3,190,000 7/15/2030 4.400% 4 536,685 4.16% 11,272 Capital One Financial Corp 2,565,000 9/15/2030 4.410% 4 413,292 3.82% 8,330 Hyundai Auto Receivables 1,810,000 9/16/2030 4.450% 4 304,652 3.99% 6,137 #11..
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings
Rate to June
30, 2026
Expected
Earnings to
June 30, 2026
Earnings to
Maturity
June 30, 2026
Toyota Motor Corp 1,040,000 9/16/2030 4.460% 4 169,352 3.86% 3,411 Honda Auto Receivables 1,005,000 9/23/2030 4.410% 4 161,064 3.78% 3,230 Bank of America Auto Trust 1,110,000 10/15/2030 4.600% 4 199,497 4.18% 3,944 Ford Credit Auto Owner Trust 1,655,000 10/15/2030 4.440% 4 288,270 4.05% 5,699 Chase Auto Owner Trust 1,585,000 10/25/2030 4.420% 4 264,558 3.86% 5,197 Honda Auto Receivables 2,675,000 11/15/2030 4.460% 4 503,974 4.30% 9,771 Toyota Motor Corp 1,685,000 12/16/2030 4.440% 4 311,150 4.14% 5,918 Hyundai Auto Receivables 690,000 2/18/2031 4.480% 5 121,414 3.79% 2,222 Verizon 3,620,000 2/20/2031 4.470% 5 663,236 3.94% 12,123 Bank Of America Co 3,690,000 4/15/2031 4.400% 5 746,982 4.22% 13,232 Municipal Securities
Hawaii St 1,130,000 4/1/2031 4.450% 5 226,405 4.21% 4,043 Overnight Investments 48,790 Varies Varies 3.56% 148
Totals (Main Portfolio) 465,920,185 59,539,905 4.27% 1,690,226 Notes:

1. Earnings projections are based on stated par value, future market expectations and current investment positions.

2. Earnings on overnight investments are based on the investment balances and the Fed Funds Futures rates.

3. Callable securities priced above par are considered to be called on their next call date. #11..
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Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
($)
Fair Market
Value Difference
Instl Res Tre and Agny Cash Adv6541 567,051.16 567,051.16 - Financial Guaranty Insurance Pol 1.00 1.00 -
CAMP 1,961,844.91 1,961,844.91 -
Total 2,528,897.07 2,528,897.07 -
Instl Res Tre and Agny Cash Adv6541 1,145,618.01 1,145,618.01 - Letter of Credit 1.00 1.00 -
CAMP 4,870,362.47 4,870,362.47 -
Total 6,015,981.48 6,015,981.48 -
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only 3,852.48 3,852.48 - 2020 Wastewater Refunding Bank of New York Instl Res Tre and Agny Cash Adv6541 33,816.35 33,816.35 - Instl Res Tre and Agny Cash Adv6541 8,446,549.29 8,446,549.29 - State and Local Government Series Securities 39,733,238.00 39,733,238.00 - Total 48,179,787.29 48,179,787.29 -
Fairview Village Refunding US Bank First American Treasury Obligation Fund 200,810.06 200,810.06 - Blackrock Federal Fund Instl 30 591,876.98 591,876.98 - CAMP 2,687,487.71 2,687,640.03 152.32
Total 3,279,364.69 3,279,517.01 152.32
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate 2,233,986.64 2,233,986.64 - Pension Section 115 Trust PARS HighMark Plus Moderately Conservative 3,464,817.66 3,464,817.66 - Athens Administrators (Third Party Administrator
- Worker's Compensation) Wells Fargo Bank 486,605.86 486,605.86 - George Hills Company - General Liability Claims
Administration Services California Bank & Trust 69,649.80 69,649.80 - Kemper Sports Management Inc. BMO Harris Bank Business Money Market 159,033.88 159,033.88 - Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab 1,031,287.99 1,031,287.99 - 2025 Wastewater Bank of New York
Village One #2 Refunding Bank of New York
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
Cash with Fiscal Agent Investments
As of June 30, 2026
#11..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

September 22, 2026
Date: August 23, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Ordinance to Repeal and Replace Certain Articles of Chapter 2 “Vehicle and Traffic Regulations”, Title 3 “Public Safety” of the Modesto Municipal Code
related to the management and enforcement of parking
CONTACT: Jeni Martin, Revenue Collection and Compliance Manager, [email protected], 209-571-5892
DESCRIPTION:

Consider approving an Ordinance repealing and replacing Articles 1, 2, 10, 11, 12, 17 and 20 of Chapter 2 “Vehicle and Traffic Regulations” of Title 3 “Public Safety” of the Modesto Municipal Code related to the management and enforcement of parking. (Funding Source: Not Applicable)
STRATEGIC PLAN ELEMENT:

This item supports the City of Modesto 2025-26 Strategic Plan’s Service Delivery Goals & Strategies – Build a high-performing organization by adopting a more efficient and professional process.

BACKGROUND:

City staff have explored strategies to improve the management and enforcement of parking in Downtown Modesto since 2006. Since 2020, parking enforcement has involved three City Departments: Public Works, Finance Department, and the Modesto Police Department (MPD).

On February 4, 2020, under Resolution No. 2020-071, City Council approved the transition of parking enforcement responsibilities from MPD to Public Works. Public Works has provided parking enforcement in Downtown Modesto, including maintaining and monitoring seven surface lots and three garages, while MPD provides parking #12..
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City Council, September 22, 2026
Ordinance to Repeal and Replace Certain Articles of Chapter 2 “Vehicle and Traffic Regulations”, Title 3 “Public Safety” of the Modesto Municipal Code related to the management and enforcement of parking

Page 2 of 3 ends

Modesto City CouncilSeptember 22, 2026

Modesto City Council
September 22, 2026